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Compass Point downgraded Western Asset Mortgage Capital
WMC from Buy to Neutral and announced a $22.50 price target.
Compass Point analyst Jason Stewart noted, "We downgrade the shares of WMC to Neutral from Buy primarily on valuation. While the near term outlook remains favorable, the current share price reflects this optimism and an improved premium to book value per share (BVPS) is unlikely without a considerable shift into non-Agency MBS. 4Q12 core earnings came in ahead of expectations and we expect core income to remain ahead of the dividend throughout 1H13."
Western Asset Mortgage Capital closed at $22.66 on Wednesday.
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