Redwood Trust price target raised to $6.50 from $6 at Piper Sandler

Piper Sandler analyst Crispin Love raised the firm’s price target on Redwood Trust (RWT) to $6.50 from $6 and keeps a Neutral rating on the shares. Operating results beat both Piper’s estimates and the Street consensus, but tangible book value was down sequentially, the firm says. Piper believes the results were solid, highlighted by a record $8.5B of production across its platforms.