Nomura Securities Upgrades ARMOUR Residential (ARR) to Neutral
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Nomura Securities upgraded ARMOUR Residential (NYSE: ARR) from Reduce to Neutral with a price target of $24.00 (from $19.00).
Analyst Brock Vandervliet commented, "We are raising our investment rating on ARMOUR Residential from Reduce to Neutral and raising our target price from $19 to $24. ARR’s fundamental performance has improved in recent quarters including partial recovery of book value back to levels last seen in early 2015 while at the same time reducing the high leverage levels which concerned us. In addition, we are moderately increasing our EPS estimates. These factors make a Neutral rating more appropriate. We base our new TP on a P/B multiple of 0.90x, 0.15x higher than our previous multiple but a slight discount to peers."
Shares of ARMOUR Residential closed at $23.22 yesterday.
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