UPDATE: Guggenheim Downgrades Apollo Residential to Neutral, Maintains $19 PT

In a report published earlier today, Guggenheim Securities, LLC downgraded the rating for Apollo Residential Mortgage, Inc.

from Buy to Neutral and maintained its $19.00 price target. Guggenheim went on to say “We view AMTG as fairly valued at current levels. Since AMTG is within 5% of our price target and we lack a catalyst to lift the target, we are downgrading the shares...After leveraging the April proceeds, AMTG bought $1.4 billion in agency RMBS and $90.1 million in non-agency RMBS. We think this asset mix as well as a smaller share count of 24.2 million than our 26.3 million assumption should make our estimates achievable.” Apollo Residential Mortgage, Inc. closed yesterday at $18.71.