Keefe Bruyette analyst Jade Rahmani downgraded Ready Capital to Market Perform from Outperform with a $13 price target. The analyst expects the real estate correction that began in mid-2022 to advance in 2023 as higher cost of capital, softening fundamentals, and weakness in office "take hold." Declining transaction volumes, asset values, and credit will weigh on the commercial mortgage real estate investment trusts, commercial real estate services firms, homebuilders, and single family rental REITs, Rahmani tells investors in a research note. The analyst would avoid office and believes multifamily will rebound first. She downgraded six commercial mortgage REITs along with her 2023 outlook.
Published first on TheFly
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