UPDATE: Ladenburg Thalmann Lowers PT on Crexus Investment to $12
According to a research report this morning, Ladenburg Thalmann lowers its PT on Crexus Investment (NYSE: CXS) from $13 to $12 after missing its estimate of $0.34 and consensus of $0.32.
Ladenburg Thalmann stated, “The two primary reasons for the earnings miss were a smaller than expected investment portfolio and a lower than expected discount accretion. Recall that the company acquired a portfolio from Barclays (BCS/NR/$15.57) at a discount last July. A portion of the discount accretes into earnings as the portfolio matures and is turned over.”
Crexus Investment closed Friday at $10.15 as Ladenburg Thalmann maintains its Buy rating.
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