JonesResearch lowered the firm’s price target on Franklin BSP Realty Trust (FBRT) to $13 from $14 and keeps a Buy rating on the shares after the company reported distributable EPS of 27c on a fully converted basis, missing the consensus estimate of 29c. Despite what it calls “a muted quarter for originations,” the firm expects the closing of NewPoint to expand the platform into “one of the few one-stop-shop commercial lenders that can encompass the entire life-cycle of a loan,” the analyst tells investors.
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