JPMorgan upgraded Redwood Trust (RWT) to Overweight from Neutral with a $6 price target The firm sees the company’s drag from realized losses and non-accrual loans diminishing as it winds down legacy investments. This will clear a path for Redwood Trust hitting a normalized return on equity target of 20%, the analyst tells investors in a research note. JPMorgan believes demand for jumbo loans will remain strong.
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