Piper Sandler analyst Crispin Love lowered the firm's price target on Arbor Realty to $5.50 from $8 and keeps an Underweight rating on the shares. The mortgage environment has remained challenging, which is leading the firm to favor agency focused names going into the quarter versus the originators. 30-year mortgage rates remain elevated in the 6.50% range and Piper believes there will be little in the way of positive news on the mortgage origination front from management teams.
