UPDATE: Wunderlich Reiterates Buy Rating, Raises PT on AG Mortgage Investment Trust

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In a report published Wednesday, Wunderlich Securities reiterated its Buy rating on AG Mortgage Investment Trust
MITT
, and raised its price target from $22.00 to $24.00. Wunderlich noted, “Buy-rated AG Mortgage Investment Trust, Inc. (MITT) reported 2Q12 EPS of $2.85. Excluding realized and unrealized gains and losses, net spread income per share was $0.86. This value is more indicative of funds available to pay dividends, so we are using that math to forecast earnings. Our earnings estimates are going up for three reasons: the balance sheet has increased in size, supported by increased equity; the company is more heavily invested in credit sensitive assets that support wider spreads; and prepayment speeds are likely to continue to be slow relative to generic bonds. We are raising our price target to a 10% premium to book value, or $24 per share.” AG Mortgage Investment Trust closed on Tuesday at $22.41.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsWunderlich Securities
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