UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on ARMOUR Residential REIT Following Mixed 2Q Results

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In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on
ARMOUR Residential REITARR
, and raised the price target from $4.20 to $4.40. In the report, Deutsche Bank noted, “Increasing target by 20c to $4.40 per share; Maintain Hold. ARR reported mixed 2Q results, as adjusted core EPS of 13c were 3c below our estimate while BVPS increased 5% to $4.90. During 2Q, ARR completed repositioning its portfolio into shorter duration MBS by selling $1.2b of 30-year fixed rate securities. Given the portfolio at 6/30 and a decrease to our leverage and spread assumptions, we are trimming our 2H14 and 2015 core EPS estimates. We are increasing our target by 20c to $4.40 per share given the BV increase. Maintain Hold.” ARMOUR Residential REIT closed on Thursday at $4.21.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsDeutsche BankGreg Poole
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