Wedbush Starts PennyMac Mortgage Investment Trust (PMT) at Neutral
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Wedbush initiates coverage on PennyMac Mortgage Investment Trust (NYSE: PMT) with a Neutral rating and a price target of $16.75.
Analyst Jason Weaver commented, "PMT is near our estimate of fair value and remains concentrated in investments that may have substantial upside potential but produce inconsistent investment performance. Our current stance is cautious while the portfolio transition may reduce our concern over time."
Shares of PennyMac Mortgage Investment Trust closed at $14.51 yesterday.
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