Wedbush analyst Michael Piccolo lowered the firm's price target on Rithm Capital to $12.50 from $14 and keeps an Outperform rating on the shares to reflect an updated dividend yield-based valuation methodology. The firm believes the 25c per share quarterly dividend, covered more than two times by Q1 EAD of 51c per share, represents one of the most durable and well-covered income streams in the hybrid mortgage REIT universe, and Wedbush views the shares as an attractive entry point for income-oriented investors.
