Wells Fargo Downgrades PennyMac Mortgage Investment Trust (PMT) to Market Perform
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PennyMac Mortgage Investment Trust (PMT) PT Trimmed at Compass Point, 'Buy' Maintained
May 8, 2014 8:56 AM EDTCompass Point analyst Kevin Barker reiterated a Buy rating on PennyMac Mortgage Investment Trust (NYSE: PMT) following Q1 results but trimmed his price target to $24.00 (from $25.00).
Barker comments, "Although PMT reported $0.50, we estimate the operating EPS was closer to $0.59 after we back out $12.5M related to the adjustments for capitalized interest from loan modifications and normalize the tax rate. We would not expect further adjustments to capitalized interest going forward. Absent the... More
