Keefe Bruyette upgraded Blackstone Mortgage (BXMT) to Outperform from Market Perform with a price target of $21, up from $20. The company’s portfolio credit trends are “stable-to-improving,” the analyst tells investors in a research note. The firm sees an ongoing commercial real estate recovery, supported by office and industrial leasing, multifamily 2026 stabilization, and a positive capital markets backdrop.
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