UPDATE: Guggenheim Downgrades Invesco Mortgage Capital to Neutral
Guggenheim lowers its rating on Invesco Mortgage Capital (NYSE: IVR) to Neutral from Buy following stock price appreciating at current price target of $17.
Guggenheim says, "Following IVR's recent stock price increase, we continue to find IVR shares fairly valued at our $17 PT, so we are reducing our rating to NEUTRAL from BUY. We are also lowering our FY12E EPS in anticipation of narrowing net interest margins, and our initial FY13 estimates also assume narrower spreads than current levels."
IVR closed at $17.30 a share on Thursday.
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