UPDATE: BofA Securities Downgrades Western Asset Mortgage Capital (WMC) to Underperform
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BofA Securities analyst Derek Hewett downgraded Western Asset Mortgage Capital (NYSE: WMC) from Neutral to Underperform, PT $2.00 (from $2.75).
The analyst comments "Though the shares have witnessed significant selling pressure already, economic returns should meaningfully lag peers in the near term, limiting further upside. Specifically, earnings visibility is low, in our view, as WMC rebuilds liquidity and due to commercial credit concerns."
Shares of Western Asset Mortgage Capital closed at $2.29 yesterday.
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