Keefe, Bruyette & Woods lowered its price target on Arbor Realty Trust (ABR) to $3.00 from $5.00. The firm maintained an "underperform" rating on the real estate investment trust's shares.
The new target suggests a minor potential upside from the stock's recent trading price of $2.90. This action reflects broader concerns about credit risk and volatile market conditions affecting the real estate sector.
Arbor Realty's shares fell 6.1% to close at $2.90 following the announcement. Trading volume was higher than average.
The stock trades near its 52-week low of $2.78. Other analysts issued a mix of "hold" and "sell" equivalent ratings. This contributes to a consensus "Reduce" rating for the company.
Arbor Realty's most recent quarterly earnings and revenue exceeded analyst expectations.