Blackstone Mortgage price target lowered to $18.50 from $20 at JPMorgan

JPMorgan lowered the firm’s price target on Blackstone Mortgage (BXMT) to $18.50 from $20 and keeps a Neutral rating on the shares as part of a Q3 preview for the mortgage real estate investment trust group. Uncertainty around the path of interest rates is “quickly diminishing” but inflation remains a risk, the analyst tells investors in a research note. JPMorgan believes a steeper yield curve will be a tailwind for residential mortgage REITS but may have a more measured impact on commercial REITs.