Arbor Realty price target raised to $11.50 from $11 at Piper Sandler

Piper Sandler raised the firm’s price target on Arbor Realty (ABR) to $11.50 from $11 and keeps an Underweight rating on the shares. The firm says it has started to see a positive shift in its mortgage universe with 30-year mortgage rates decreasing to 6.3% from 7%-plus earlier in the year and agency spreads tightening materially. While the mortgage market is still not quite at a “normalized” level, the recent trends point to an uptick in activity which we are seeing in mortgage applications volumes, especially on the refinancing side, which are up 38% sequentially.