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Downey Still Faces More Credit Pressure.
Arlington, VA -- Analysts at Friedman Billings Ramsey here have upgraded their rating on Downey Financial Corp. to "market perform" from "underperform," even as they lowered their price target on the company's shares to $13.
The lower price target, which was in line with the company's share price early last week, reflects "our expectations for continued rising credit losses and pressures on capital levels," FBR said in a report.
Downey recorded a first-quarter loss of $8.89 per share, sharply higher than analysts had estimated. The weakening of the California housing ...
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