Nomura Securities Reiterates Buy on Invesco Mortage Capital (IVR) Following In-Line 2Q
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Nomura Securities reiterated a Buy rating on Invesco Mortgage Capital (NYSE: IVR), and raised the price target to $17.00 (from $16.00), following the company's 2Q earnings report. IVR reported EPS of $0.42, in line with the Street.
Analyst Brock Vandervliet commented, "IVR printed Q2 EPS of $0.42, a penny above us and in line with the Street. Book value moved higher, up 3.3% versus our 2.5% estimate and management noted on the earnings call that QTD, BV was up another 5% to roughly $18/share. This implies a claw back in BV to levels last seen in 1H’15—impressive. We see a more consistent ability to manufacture a $0.40 dividend than previously modeled near term. Based on flat to higher earning assets as opposed to a previously modeled modest decline near term, we are adjusting our earnings modestly higher from $1.68 and $1.61 to $1.71 and $1.67 for 2016 and 2017, respectively. Based on the improved book value performance we raise our TP from $16 to $17."
Shares of Invesco Mortgage Capital closed at $15.49 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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