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Sunrise Realty price target lowered at Raymond James following stock offering

Raymond James analyst Stephen Laws lowered the firm’s price target on Sunrise Realty Trust (SUNS) to $15 from $17.50 and keeps an Outperform rating on the shares. The price target reduction is a result of the recent common stock offering, wherein Sunrise Realty raised $69M of gross proceeds through a 5.75 million share offering, with use of proceeds being to grow the investment portfolio, the analyst tells investors in a research note.

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