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.
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