- Claros Mortgage Trust (NYSE:CMTG) is now under the continuous screener of analysts as quiet period ends on the stock.
- Mostly positive ratings except one, Claros was initiated at JPMorgan Chase with Overweight rating, PT $20 while JMP Securities assigned a Outperform rating with a PT $19.
- UBS initiated Claros with a Neutral rating (PT $17.5)and Keefe, Bruyette & Woods assigned a Market Perform rating with PT $18.
- UBS Analyst Brock Vandervliet believes that the company is well positioned from a scale perspective, including a $6B loan portfolio with an experienced management team that has run Mack Real Estate Group and Mack Real Estate Credit Strategy.
- Vandervliet adds that he expects the portfolio to scale up to about $9B by Q4, pushing ROE closer to 9% from 7%, but also warns that credit quality pressure and vulnerability to higher interest rates caps the valuation.
- In early November, the company had priced its IPO at $18.65/share; currently the stock is trading below the price.