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UPDATE: Jefferies Initiates PennyMac Mortgage Investment Trust at Buy on Residential Mortgage Market Reform

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In a report published Friday, Jefferies analyst Daniel Furtado initiated coverage on PennyMac Mortgage Investment Trust (NYSE: PMT) with a Buy rating and $23.00 price target.

In the report, Jefferies noted, “We believe PMT will be a direct beneficiary of the reformation occurring in the residential mortgage market. Unlike most mortgage REITs, PMT is not a levered MBS play. Rather, the company is oriented toward the creation of investments or investment securities. We anticipate this key differentiating factor will lead to higher valuation and better investment returns over the long-term when compared to levered MBS REITs.”

PennyMac Mortgage Investment Trust closed on Thursday at $21.11.

Latest Ratings for PMT

DateFirmActionFromTo
Dec 2019Compass PointInitiates Coverage OnNeutral
Oct 2019Deutsche BankInitiates Coverage OnBuy
Sep 2019Bank of AmericaInitiates Coverage OnBuy

View More Analyst Ratings for PMT
View the Latest Analyst Ratings

 

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Posted-In: Daniel Furtado JefferiesAnalyst Color Initiation Analyst Ratings

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