UPDATE: Ladenburg Thalmann Initiates Buy, $29 PT on Arlington Asset Investment

Earlier today, Ladenburg Thalmann initiated coverage on Arlington Asset Investment

with a Buy rating and a PT of $29. Ladenburg Thalmann believes that "AI offers an attractive combination of a strong dividend with book value growth." and that "core EPS will peak in 2012 due to the lack of hedge expense. Our 2012 and 2013 EPS estimates are $4.60 and $4.55, respectively. We believe that the company will choose to keep the dividend at $0.875, or $3.50 annually to allow for book value growth." The closing price for AI yesterday was $22.5