New York Mortgage price target lowered to $15 from $20 at B. Riley

B. Riley analyst Matt Howlett lowered the firm’s price target on New York Mortgage Trust to $15 from $20 and keeps a Buy rating on the shares post the Q2 report. While the company’s decision to operate with excess capital will likely cause further earnings drag, the decision is the right one and will result in substantial earnings power in 2024 and beyond, the analyst tells investors in a research note.