Redwood Trust RWT reported 3Q GAAP and operating EPS of $0.25. The company deployed $160 million into residential mortgage loans (through October 31) and originated a $12 million commercial mezzanine loan after quarter end. Economic book value increased to $13.73 from $13.37 in 2Q10. KBW is leaving its estimates unchanged amd maintain an Outperform rating.
The primary risks that could affect our earnings outlook and target price for Redwood are a sharp rise in delinquencies and charge-offs on residential mortgages.
KBW has a price target of $19 on RWT
RWT closed Friday at $14.58
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