KKR Real Estate Finance price target lowered to $10.50 from $12 at Wells Fargo

Wells Fargo lowered the firm’s price target on KKR Real Estate Finance to $10.50 from $12 and keeps an Overweight rating on the shares. The firm says that while “painful,” the dividend cut should help KKR Real Estate Finance protect book value, particularly on real estate owned. On a positive note, they are not expecting additional negative risk rating migration outside the Boston 4-rated loan.