UPDATE: Wunderlich Securities Initiates Western Asset Mortgage Capital at Buy on Dividends, Book Value

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Wunderlich Securities initiated coverage on Western Asset Mortgage Capital
WMC
with a Buy rating and a price target of $22 a share. Wunderlich Securities noted, "WMC is an externally managed company that invests in agency mortgage-backed securities on a leveraged basis. Based on the composition, and to a limited extent, the performance of the initial portfolio and the sponsor's business plan, we anticipate that investors could realize value in three forms: dividend income, book value accretion, and stock price increase. This outcome will be supported by positive and above-historicalaverage net interest margins, a projected increase in the value of bonds held in the investment portfolio, and consequent multiple expansion." Western Asset Mortgage Capital closed at $20.77 on Thursday.
Posted In: Analyst ColorInitiationPre-Market OutlookAnalyst RatingsWunderlich Securities
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