tiprankstipranks
KBW cautious on commercial mortgage REITs, downgrades Starwood
The Fly

KBW cautious on commercial mortgage REITs, downgrades Starwood

Keefe Bruyette downgraded Starwood Property Trust to Market Perform from Outperform with a price target of $20, down from $21. The analyst remains cautious on the commercial mortgage real estate investment trusts due to higher interest rates, which the firm expects to weigh on credit, originations, and valuations. Into Q3 earnings, Keefe lowered estimates by 11% in the second half of 2023 and 8% in 2024 on higher reserves and lower originations. It expects continued stress in commercial property, including valuations, and believes we are “midstream” through the cycle with “higher for longer adding downside risk.”

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See today’s best-performing stocks on TipRanks >>

Read More on STWD:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles