UPDATE: Bank of America Upgrades Invesco Mortgage Capital

In a note issued September 26th, Bank of America upgraded shares of Invesco Mortgage Capital

from Neutral to Buy and raised the price objective from $17 to $19. The firm commented, "We view the portfolio as largely insulated against rising rates with a large allocation to agency assets and the dividend sustainable through 2016." looking ahead, Bank of America is predicting an core EPS of $2.10 in 2014 and $2.40 in 2015, which the firm noted is more than enough to cover the $0.50 dividend. "All-in-all, we have a hard time seeing much downside for IVR absent a shock to housing." Despite the optimism from Bank of America Invesco shares have slipped close to one percent in the early minutes of Friday's market session.