ACRES Commercial Realty Corp. price target raised to $15.50 from $14 at JMP Securities

JMP Securities raised the firm’s price target on ACRES Commercial Realty Corp. to $15.50 from $14 and keeps an Outperform rating on the shares. ACRES Commercial Realty has built a defensive CRE loan portfolio, with 80% of loans backed by multifamily properties, and the focus on multifamily assets has resulted in only minimal credit losses, which has allowed the company to repurchase its shares at highly accretive prices, the analyst says. While the current tax loss utilization strategy does not provide a quarterly dividend at this time, the utilization of the tax loss carryforwards and the associated growth in retained earnings and book value creates an attractive long-term price appreciation opportunity, JMP argues.