New York Mortgage downgraded to Hold from Buy at JonesResearch

JonesResearch analyst Jason Stewart downgraded New York Mortgage to Hold from Buy without a price target after its Q4 earnings miss. The macro environment surrounding multifamily remains constructive, but transaction volume has stalled, the analyst tells investors in a research note. The firm adds that at 0.7-times book value per share, the stock is undervalued, but New York Mortgage requires a catalyst for revaluation.