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UPDATE: Deutsche Bank Initiates Javelin Mortgage Investment on Dividend Outlook

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Deutsche Bank initiated coverage on Javelin Mortgage Investment (NYSE: JMI) with a Buy rating and a $22 price target.

Deutsche Bank noted, "We expect JMI to deploy its IPO proceeds quickly, with the majority of the capital initially invested in agency MBS. We expect ROEs to increase in 2013 from a higher mix of non-agency assets and slightly wider spreads on agency assets. 4Q catalysts include the announcement of the first three (or more) monthly dividends and the release of the initial portfolio details. Given our portfolio return estimates, expectation of expanding ROEs in 2013, and with shares trading at a discount to post-deal BVPS, we are initiating with a Buy rating. Our target of $22 is based on shares trading at a 10% premium to BV."

Javelin Mortgage Investment closed at $19.57 on Friday.

Latest Ratings for JMI

DateFirmActionFromTo
Jul 2014JMP SecuritiesDowngradesMarket OutperformMarket Perform
Jul 2014CitigroupDowngradesNeutralSell
May 2014Deutsche BankMaintainsHold

View More Analyst Ratings for JMI
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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