American Home Mortgage Investment upgraded to "buy"
Thursday, April 12, 2007 11:44:56 AM ET
A.G. Edwards & Sons
NEW YORK, April 12 (newratings.com) - Analyst Greg Mason of AG Edwards upgrades American Home Mortgage Investment Corp (AHMH.NAS) from "hold" to "buy," while raising his estimates for the company. The target price is set to $23.50.
In a research note published yesterday, the analyst mentions that the market has overreacted to the company’s downwardly revised dividend and earnings guidance. American Home Mortgage Investment’s early payment defaults are expected to decline going ahead, since the company is discontinuing the sales of its high-risk products, the analyst says. The company is unlikely to announce additional dividend targets going forward, AG Edwards adds. The EPS estimate for 2007 has been raised from $1.19 to $1.20.
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