Compass Point Starts AG Mortgage Investment Trust (MITT) at Neutral; Long-Term Winner, But Valuation High

July 31, 2012 7:50 AM EDT
Get Alerts MITT Hot Sheet
Price: $17.60 +1.21%

Rating Summary:
    5 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Compass Point initiates coverage on AG Mortgage Investment Trust (NYSE: MITT) with a Neutral. PT $22.50.

Analyst, Jason Stewart, said, "MITT is a mortgage REIT (mREIT) externally managed by a subsidiary of Angelo, Gordon & Co., L.P. MITT's objective is to provide attractive risk-adjusted total returns by investing and managing a portfolio of diversifed mortgage assets. Over time, we believe that the mREIT model, especially managers like MITT that target a broader set of mortgage finance assets, can be an instrumental part of the mortgage market transition from one that is financed with public capital to one that is financed by private capital. However, we believe it remains too nascent of a transition to be a factor in valuation. While we are also generally positive on levered mortgage investing and we believe a diversified portfolio approach mitigates potential duration extension, we believe the shares of MITT are currently fairly valued and reflect many of the positive attributes discussed."

For an analyst ratings summary and ratings history on AG Mortgage Investment Trust click here. For more ratings news on AG Mortgage Investment Trust click here.

Shares of AG Mortgage Investment Trust closed at $22.40 yesterday.

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