Claros Mortgage price target lowered to $6.50 from $9 at JPMorgan

JPMorgan analyst Richard Shane lowered the firm’s price target on Claros Mortgage to $6.50 from $9 and keeps a Neutral rating on the shares as part of a Q3 earnings preview. The firm expects residential mortgage real estate investment trusts to be the earliest beneficiaries of lower interest rates. Residential mortgage REITs are levered to falling rates via a positive duration gap, which should be immediately accretive to book value, the analyst tells investors in a research note.