UPDATE: Jefferies Initiates Buy, $21 PT on Western Asset Mortgage Capital; Active Portfolio Management
Jefferies initiates its coverage on Western Asset Mortgage Capital (NYSE: WMC) with a Buy rating and a price target of $21.
Jefferies says, "WMC will espouse an active management approach as opposed to a "buy and hold" strategy. Since investors are paying for the management of securities via a management fee and/or G&A expenses, we'd prefer investors own the REIT that is actively managed as opposed to the “buy and hold” strategy."
WMC closed at $18.52 on Friday.
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