Citizens cuts Redwood Trust stock price target to $4 on valuation
Citizens, a financial firm, has reduced its price target on Redwood Trust shares to $4.00 from the previous $6.00, while keeping a Market Outperform rating on the stock. The new target is based on a lower price-to-book value ratio of 0.58x compared to the prior 0.87x. Redwood Trust's stock is currently trading at $2.95, significantly below the new target, with a price-to-book ratio of 0.43x.
Analyst Mikhail Goberman made the adjustment, maintaining an Outperform rating for the stock despite the lower target. Redwood Trust is a real estate investment trust specializing in mortgage-related investments. The stock has been undervalued according to InvestingPro analysis and is trading near its 52-week low of $2.91. The company has a strong track record of paying dividends for 32 consecutive years, offering a yield of 24.41%.
Despite recent financial results, such as missing revenue expectations and EPS, Redwood Trust remains a focus of attention for investors and analysts.
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