Citizens JMP analyst Steven DeLaney downgraded Ready Capital (RC) to Market Perform from Outperform and removed the firm’s prior $9.50 price target following the release of Q4 results that were hurt by an increase to CECL loan loss reserves and an impairment of real estate assets. Given the now larger than previously expected headwinds to earnings from nonperforming loans as the company works through its disposition strategy, the firm is lowering its rating, the analyst tells investors.
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