MITT - Keefe Bruyette analyst downgrades AG Mortgage Investment Trust over sector concerns

• Keefe Bruyette Analyst Bose George downgraded AG Mortgage Investment Trust's ( MITT ) rating to Market Perform from Outperform, with a price target of $8.50.
• Earnings, book value estimates and price targets in the entire mortgage real estate investment trust sector was reduced by the analyst, to incorporate spreads widening, poor execution on securitizations and elevated interest rate volatility.
• Shares were trading ~5% lower.
• Real estate-related stocks have been knocked lower over the past year, as a rapid climb in mortgage rates hinders home affordability.
• However, according to Seeking Alpha Author Advisol Capital Partners, MITT shares are expected to trade somewhere near to its book value, despite interest rate hikes and unfavorable economic scenarios.
• The sell-side analysts have given MITT stocks a Buy rating on an average, with an average price target of $20.63.

For further details see: