Piper Jaffray analyst Kevin Barker lowered his price target for New Residential Investment to $16 from $18 while reiterating an Overweight rating on the shares. The price target decline reflects 50c decline in the analyst's forward estimated tangible book value, combined with tougher hybrid mortgage and operating real estate investment trust comps. However, he believes "slight pressure" to New Residential's tangible book value in Q3 is more than priced into the shares. Further, recent acquisitions are further evidence New Residential will continue to build out an operating company that will attempt to "squeeze out revenue from all touch points" on its large ~$600B servicing portfolio, Barker contends.