Ladder Capital started at Outperform at FBR

"While the 'bread and butter' conduit and balance sheet lending segment clearly stands to benefit when market conditions are favorable, the 'opportunistic' securities and real estate business can turn on to take advantage of market dislocation and buoy earnings," says analyst Daniel Altscher, starting Ladder Capital (LADR) at Outperform with $21 price target.

He notes the C-Corp structure rather than a REIT should make the company appeal to those looking for growth as opposed to dividends, not to mention the elimination of the need for serial capital raises.

"Ladder is supported by a high-quality management team not only with a long-term track record but significant experience across bulge-bracket Wall Street real estate and commercial mortgage-backed security desks."

Ladder is about flat since its IPO in early February.

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