Ready Capital price target lowered to $12 from $13.50 at Ladenburg

Ladenburg lowered the firm’s price target on Ready Capital to $12 from $13.50 and keeps a Buy rating on the shares. The company’s Q3 results were impacted from the ongoing efforts to integrate Broadmark whose elevated non-accruals impact overall investment yields by 100 basis points, the analyst tells investors in a research note. The firm says Ready has further work on lowering Broadmark expenses and expects the acquisition to be accretive to earnings by Q4 of 2024.