UPDATE: Oppenheimer Lowers PT on JAVELIN Mortgage Investment on MBS Sell-Off

In a report published on Tuesday, Oppenheimer analyst Terry McEvoy lowered the price target on JAVELIN Mortgage Investment JMI from $19 to $17 and maintained a rating of Outperform on the company.

In the report, Oppenheimer stated, "With MBS prices falling we estimate that book value is now ~$16. Clearly we are disappointed with the drop in book value but would add that the capital raise in May was done above book value and at the time met all of management's criteria for raising capital. If there is a silver lining it would be that securities yields are improving and Agency repo rates fell 2bps last month."

JAVELIN Mortgage Investment closed on Monday at $15.43.