Wells Fargo downgraded Claros Mortgage to Underweight from Equal Weight with an unchanged price target of $8. The company “will struggle to get back on offense” as interest rate gets cut, plus it faces more book value risk versus peers, the analyst tells investors in a research note. The firm says Claros has a larger weight to construction loans and its 4/5-risk rated loans are 35% of the portfolio, well above peers.
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