Keefe, Bruyette, and Woods Upgrades MFA Mortgage Investments (MFA) to Outperform
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Keefe, Bruyette, and Woods upgrades MFA Mortgage Investments (NYSE: MFA) from Market Perform to Outperform and raises their price target from $7.50 to $8. The firm maintains their 2007 EPS estimates, $0.21, but raised their 2008 and 2009 EPS estimates from $0.17 to $0.21 and from $1.18 to $1.28, respectively.
The firm said, "MFA priced a 40 million share equity offering last night. Including the overallotment option, we estimate total net equity of $304 million. We estimate little change in book value but an EPS benefit of about 2.5 cents a quarter. The company stated that book value at the end of April was $6.42."
MFA Mortgage Investments operates as a real estate investment trust (REIT).
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