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Given a wild swing in valuations, we updated targets for the vast majority of the mortgage REIT preferred shares. 100% of the adjustments resulted in higher price targets. There are still a few things that stand out though. We’re going to run through them quickly.
These changes come after a week where most of the mortgage REIT preferred shares rallied by at least 18% and several exceeded 200%. Why did they soar? Because the market realized that a forced