UPDATE: Ladenburg Thalmann Lowers PT on Crexus Investment to $12

According to a research report this morning, Ladenburg Thalmann lowers its PT on Crexus Investment

from $13 to $12 after missing its estimate of $0.34 and consensus of $0.32. Ladenburg Thalmann stated, “The two primary reasons for the earnings miss were a smaller than expected investment portfolio and a lower than expected discount accretion. Recall that the company acquired a portfolio from Barclays (BCS/NR/$15.57) at a discount last July. A portion of the discount accretes into earnings as the portfolio matures and is turned over.” Crexus Investment closed Friday at $10.15 as Ladenburg Thalmann maintains its Buy rating.