Ladder Capital initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Ladder Capital with an Outperform rating and $13 price target. The company’s unique investment approach differentiates it, and the firm sees further potential upside in the form of its conduit business driving higher earnings and a potential investment-grade rating thanks to better cost of capital, the analyst tells investors in a research note. Ladder Capital’s balance sheet is also seen as conservative with ample liquidity, enabling its management to be “opportunistic”, Wolfe adds.