Wedbush Starts Cherry Hill Mortgage (CHMI) at Neutral
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Wedbush initiates coverage on Cherry Hill Mortgage (NYSE: CHMI) with a Neutral rating and a price target of $17.50.
Analyst Jason Weaver commented, "CHMI’s shares are fairly valued, in our view, given the moderate book value discount and 11.4% yield—in line with peers. CHMI’s portfolio presents attractive dynamics with less exposure to rising rates displaying 12% overall return on capital at only 4.1x leverage versus other mortgage REITs."
Shares of Cherry Hill Mortgage closed at $16.48 yesterday.
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