Keefe Bruyette downgraded KKR Real Estate Finance (KREF) to Market Perform from Outperform with a price target of $10.75, down from $12.25. Some commercial mortgage real estate investment trusts are positioned to benefit from stronger loan originations and credit resolutions in 2025, while others remain weighed down by ongoing credit and liquidity challenges, the analyst tells investors in a research note. The firm expects further pressure in life science and transitional multifamily. Rising macro uncertainty “adds a new layer of risk, potentially exposing stress in sectors that have not experienced losses,” contends Keefe. It downgraded KKR Real Estate Finance as part of a Q1 earnings preview.
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