JPMorgan upgraded Blackstone Mortgage to Overweight from Neutral with an unchanged price target of $21. Blackstone Mortgage has a strong track record of returns and consistent dividend coverage, the analyst tells investors in a research note. The firm says this is supported by the company's "fully scaled" lending platform, that drives efficiencies and opportunities in both funding and origination. Blackstone Mortgage has almost completely resolved its troubled loan portfolio and trades and its valuation premium to peers is justified given its improved credit profile, contends JPMorgan. It believes current share levels offer an attractive entry point.
