UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Hatteras Financial

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In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Hatteras Financial Corp.
HTS
, but slightly lowered its price target from $31.50 to $31.00. Deutsche Bank noted, “Valuation more than reflects lower dividend outlook. Q3 results were mixed, with spreads narrowing more than we expected, but BV increasing by 7.8%. While we are reducing our estimates and expect the div to be cut to 70c in 4Q, we believe this is more than reflected in the valuation (shares at 11% discount to 9/30 BV). Given the attractive valuation and our expectations of 2H13 earnings benefitting from swap maturities in 2Q13, we are maintaining our Buy rating.” Hatteras Financial Corp. closed on Tuesday at $26.33.
Posted In: Analyst ColorPrice TargetAnalyst RatingsDeutsche Bank
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