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Granite Point Mortgage price target lowered to $3.50 from $4 at Raymond James

Raymond James analyst Stephen Laws lowered the firm’s price target on Granite Point Mortgage to $3.50 from $4. The Q2 results were negatively impacted by lower net interest income and a higher reserve build, the analyst tells investors in a research note. Raymond James believes its Outperform rating is appropriate given uncertainty around the timing and outcome of watch list loan resolutions.

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