Blackstone Mortgage upgraded to Outperform at Wolfe on earnings inflection

Wolfe Research upgraded Blackstone Mortgage (BXMT) to Outperform from Peer Perform with a $20 price target The company’s trough earnings are expected to inflect over the next year due to a strong origination pipeline and healthy repayments, the analyst tells investors in a research note. The 2025 dip from recent earnings due to the company receiving a record level of repayments is a good sign of the health of the refinancing market, and earnings will begin to inflect and rise into 2026, Wolfe adds.