Keefe Bruyette downgraded Ready Capital to Underperform from Market Perform with a price target of $8, down from $10. The analyst holds a favorable view of Ready’s diversified approach but expects its credit deterioration to continue. With earnings projected below the dividend pending capital redeployment in the second half of 2024 and 2025, Keefe’s distributable earnings suggests a lower dividend closer to cash flow, the analyst tells investors in a research note. The firm says the company’s plans to issue debt could increase interest costs.
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 RC:
- New Share Price & Shareholder Rights Risk for Ready Capital – What’s the Latest?
- Ready Capital price target lowered to $9.50 from $11 at Wedbush
- Ready Capital reports Q4 distributable EPS 26c, consensus 32c
- Ready Capital Corporation Reports Fourth Quarter 2023 Results
- RC Earnings this Week: How Will it Perform?
