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According to a research report published this morning, J.P. Morgan has increased Apollo Residential Mortgage's
AMTG PT from $16.50 to $18.50.
J.P. Morgan commented in the report, "Last week, AMTG reported 1Q results above our estimates. Core earnings increased 53% from 4Q11, as the company entered 1Q with a fully deployed balance sheet. Key takeaways include: (1) NAV increased as the premium on call protected agency MBS increased, (2) AMTG modestly increased its allocation in non-agency MBS in 1Q and will likely allocate a slightly higher % of new capital in non-agency investments, (3) Spread and leverage should stabilize around current levels. We believe AMTG has built a balanced portfolio over the last two quarters and expect the company to maintain the current dividend."
J.P. Morgan maintains its Neutral rating on Apollo Residential Mortgage, which closed yesterday at $18.78.
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