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Redwood Trust price target lowered to $7 from $7.50 at Citizens JMP

Citizens JMP lowered the firm’s price target on Redwood Trust (RWT) to $7 from $7.50 and keeps an Outperform rating on the shares following the Q2 report. The firm says the company’s accelerated transition to its core operating strategies hurt book value as it winds down legacy investments exposures in multifamily bridge loans and other third-party assets.

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