Ready Capital price target lowered to $3.50 from $4.50 at Piper Sandler

Piper Sandler lowered the firm’s price target on Ready Capital (RC) to $3.50 from $4.50 and keeps a Neutral rating on the shares. The firm notes shares were down slightly following a core miss and management telegraphing a dividend cut for later this year. Much of the pain has already been priced into the stock this year with Ready Cap down 50%+ year-to-date, Piper adds. The firm says that the lower multiple is due to less near-term confidence in restoring earnings and its book value estimates as the company works through asset sales and its non-core portfolio.