BTIG downgraded Apollo Commercial Real Estate Finance citing expected asset sales to pressure book value and dropped its price target.
BTIG downgraded Apollo Commercial Real Estate Finance (ARI) to Neutral from Buy, warning that planned asset sales will weigh on the company’s book value. The firm also removed its $11.00 price target for the stock.
The downgrade follows ARI’s disclosure of approximately $1.3 billion in assets marked for sale, which analysts expect to create downward pressure on valuation metrics. Prior to the downgrade, BTIG had maintained a Buy rating with the $11.00 target.
No immediate market reaction was specified in the report.