Wells Fargo Downgrades Invesco Mortgage Capital (IVR) to Market Perform; Potential Weakening; CMBS Spread Widening

Wells Fargo downgraded Invesco Mortgage Capital (NYSE: IVR) from Outperform to Market Perform, price target range lowered from $18.50-20.50 to $16.50-$18.50.

Analyst, Joel Houck, said, "We are downgrading our rating on shares of IVR as IVR trades close to 1.0x Q1 2012 book value and we believe book value could be challenged by a weaker U.S. economy pressuring the non-agency portfolio in H2 2012, longer dated swaps value reduction as swap pricing has rallied since 3/31/2012 and widening spreads on CMBS since Q1 2012."

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 $18.09 yesterday.

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