Wells Fargo Starts Invesco Mortgage Capital (IVR) at Outperform; Strong External Adviser

Wells Fargo initiates coverage on Invesco Mortgage Capital (NYSE: IVR) with a Outperform. Valuation range of $21-23.

Wells analyst says, "We see total return potential of 20-25% over the next 12-18 months in IVR and like the company’s diversified business model. IVR invests in agency MBS, non-agency MBS, CMBS and PPIP. We are establishing 2011 and 2012 EPS estimates of $4.04 and $4.00, respectively. Our $21-23 valuation range is derived by assigning a 1.0-1.1x price/book multiple on IVRs most recently reported NAV of $21.21. We see total return potential of 20-25% over the next 12-18 months in IVR shares."

For more ratings news on Invesco Mortgage Capital click here and for the rating history of Invesco Mortgage Capital click here.

Shares of Invesco Mortgage Capital closed at $20.77 yesterday.

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