UPDATE: JP Morgan Raises PT to $22 on Apollo Residential Mortgage Post Solid FQ3

JP Morgan maintained Apollo Residential Mortgage

with a Neutral rating and raised the price target from $21.00 to $23.00. JP Morgan analyst Richard Shane noted, "Last week (3/6/2013), AMTG reported 4Q12 results. Results were strong as the company exceeded our GAAP estimates ($2.09 vs. JPMe of $0.71) due to a combination of realized gains and unrealized appreciation. Spread income was below our expectations on higher than modeled interest expense on repo funding for non-agency MBS. Portfolio allocation and leverage were roughly in line with our expectations. While the share price is likely to remain range-bound, we believe the company's $0.70 quarterly dividend is secure. We remain Neutral on shares of AMTG with a $22PT." Apollo Residential Mortgage closed at $22.31 on Thursday.