Jefferies Starts Western Asset Mortgage Capital (WMC) at Buy

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Jefferies initiates coverage on Western Asset Mortgage Capital (NYSE: WMC) with a Buy. PT $21.00.

The firm notes WMC will initially focus on specified pool investments as opposed to generic TBA pools. "Mortgage REITs who focus on specified pool investments are likely to outperform companies who own generic," the firm comments.

They also note WMC will espouse an active management approach as opposed to a "buy and hold" strategy. They also said shareholders will benefit from management expertise.

NOTE: Jefferies acted as a co-manager on WMC's May 10, 2012, IPO.

For an analyst ratings summary and ratings history on Western Asset Mortgage Capital click here. For more ratings news on Western Asset Mortgage Capital click here.

Shares of Western Asset Mortgage Capital closed at $18.52 yesterday, with a 52 week range of $17.57-$19.36.

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