Citizens lowered the firm's price target on Arbor Realty to $8.50 from $9.50 and keeps an Outperform rating on the shares. Arbor continues to make progress on resolving nonperforming loans and selling REO, but higher interest rates driven by the conflict in the Middle East have extended the timeline for those resolutions, the analyst tells investors in a research note. The firm believes the share price decline of 28% since the company reported Q1 results on May 8 is overdone.
