Stifel Nicolaus lowers its target on Buy-rated AG Mortgage Investment Trust MITT to $22 from $20, as sustained dividends outweigh modest quarterly EPS miss.
Stifel Nicolaus says, "With conservative leverage, a conservative approach to credit, and a portfolio skewed toward agency MBS we find the stock attractive and view the 70c dividend as sustainable. Earnings were a bit disappointing, but we see ongoing earnings power as broadly consistent with sector averages and generally solid."
MITT closed at $20.12 a share on Thursday.
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