Keefe, Bruyette & Woods Downgrades Invesco Mortgage Capital (IVR) to Market Perform; Cutting PT & Estimates

Keefe, Bruyette & Woods downgraded Invesco Mortgage Capital (NYSE: IVR) from Outperform to Market Perform, lowers price target of $15.50.

KBW analyst says, "Last week the company announced a reduction in the dividend to $0.65 in 4Q from $0.80 in 3Q. We are reducing estimates to reflect this. We are also reducing our target to $15.50 which equates to 97% of mark-to-market book value. Our downgrade reflects concern about the non-agency funding markets and the availability of attractive alternatives for investors who want to participate in the sector."

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

Shares of Invesco Mortgage Capital closed at $14.80 yesterday.

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