Wells Fargo Starts Capstead Mortgage (CMO) at Market Perform; Looking For Better Entry

Wells Fargo initiates coverage on Capstead Mortgage (NYSE: CMO) with a Market Perform. PT range $13-15.

Analyst, Joel Houck, said, "Our Market Perform rating is based on (1) CMO's strong management team managing the oldest publically traded mREIT; (2) internally managed entity in which company and investor interests are aligned (3) short duration strategy. While we believe CMO is strong in the agency space, a potential H2 2012 weakening in the economy may allow for a better entry point. CMO trades in the middle of our valuation range, thus we believe that CMO shares are fairly valued. We are establishing 2012 and 2013 cash EPS estimates of $1.83 and $1.90, respectively."

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

Shares of Capstead Mortgage closed at $13.80 yesterday.

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