B. Riley lowered the firm's price target on Franklin BSP Realty Trust to $13 from $15 and keeps a Buy rating on the shares. The firm updated its model following the Q4 results. While Franklin BSP cut its quarterly dividend from 35.5c to 20c per share, the firm sees the move more as an initiative to preserve book value than due to portfolio deterioration or heightened credit worries, the analyst tells investors in a research note.
