We finally got an investment bank to write up a balanced synopsis of the situation at NorthStar Realty Finance (NRF). UBS came out with a short report on the REIT, and well, let’s just say it wasn’t the ridiculous “sky is falling” hatchet job that appeared yesterday from KBW and that we subsequently skewered for the intellectually dishonest exercise that it was. Here’s the text of that UBS report.
The analyst presents a much more balanced picture of the situation at NorthStar, but maintaining the $46 price target does look rich, given that even management estimated NAV at $29 a few months ago. But in contrast to a timid KBW analyst, UBS is Evel Knievel.