Rithm Capital price target raised to $10 from $9 at JMP Securities

JMP Securities analyst Trevor Cranston raised the firm’s price target on Rithm Capital to $10 from $9 and keeps an Outperform rating on the shares. Rithm recently reported Q1 earnings, including EAD that beat consensus estimates, and while the mortgage origination business remains challenging amidst higher interest rates and difficult industry operating conditions, servicing income continues to be very strong, benefiting from historically low prepayment speeds and increasing float income on custodial balances, driving the company’s overall solid results, the analyst tells investors in a research note.