New York Mortgage initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Matthew Howlett started New York Mortgage Trust with a Buy rating and $6.50 price target. The analyst says the company has "flown the under the radar for most of its post Financial Crisis existence," despite generating economic returns well above those of the mortgage real estate investment trust peer group. He expects the stock to outperform in 2019. The analyst also initiated coverage of the U.S. Mortgage REITs industry with a positive outlook. The environment for levered mortgage-based operating models is the best it's been since the Taper Tantrum, Howlett tells investors in a research note. He thinks the space is poised to attract interest from "yield-starved investors amid a low, range-bound interest rate environment and expected yield curve steepening."