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Two Harbors downgraded on valuation

May 08, 2015 11:07 AM ETTwo Harbors Investment Corp. (TWO) StockTWOBy: Stephen Alpher, SA News Editor1 Comment
  • "We continue to find a lot to like about the company, including the well-hedged and well-diversified portfolio, high allocation to credit, and the loan sourcing capabilities. Two Harbors (TWO +0.8%) is an active jumbo securitizer and has a growing commercial mortgage origination business," says KBW.
  • The above argue for some valuation premium, says KBW, but a 6.3% discount is pretty narrow in today's mREIT space. The team downgrades to Market Perform with $11 price target, and rotates into Invesco Mortgage (IVR) which trades at a discount closer to 20%.
  • Previously: Two Harbors edges higher after Q1 results (May 6)

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Two Harbors Investment Corp.