UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on JAVELIN Mortgage Investment Corp. on Model Update

In a report published Thursday, Citigroup analyst Donald Fandetti reiterated a Neutral rating on

, but lowered the price target from $16.00 to $13.00. In the report, Citigroup noted, “We are updating our model and introducing forward estimates for 2016. In addition, we are lowering our target to $13 (from $16) on lower comp valuations. Our updated price target reflects 1x P/B multiple on JMI's stated book value of $13.38 (within the peer range of 0.85x-1.1x). Our updated estimates are $1.85 for 2014, $1.77 for 2015 and $1.65 for 2016. Note that our forward estimates now reflect core EPS. We are lowering our estimates to reflect tighter portfolio spreads.” JAVELIN Mortgage Investment Corp. closed on Wednesday at $14.05.