here's a cut and paste job from "street insider" regarding the buy rating:
Deutsche Bank initiates coverage on New York Mortgage Trust (NASDAQ: NYMT) with a Buy. PT $7.25.
The firm comments, "In October, NYMT raised just over $100 million through a secondary offering, which we expect to fund new investments into agency MBS, multi-family CMBS, and/or pools of distressed residential first lien mortgages. We expect the new investments to drive ROE expansion in 2013. Given this and with shares trading below our post-deal book value estimate, we are initiating coverage with a Buy rating. Our target of $7.25 per share is based on shares trading at a 10% premium to our BV estimate."