KKR Real Estate Finance price target lowered to $11 from $14 at Wells Fargo

Wells Fargo lowered the firm’s price target on KKR Real Estate Finance (KREF) to $11 from $14 and keeps an Overweight rating on the shares following Q1 results. The firm noted that two loans migrated lower on credit rating, including a life science asset in Boston. Higher reserve pushed book value down 2% quarter-over-quarter, Wells Fargo added. The credit migration was a negative this quarter and further life science weakness is a watch list item for the firm, Wells Fargo told investors.