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 liquidation of the mortgage REITs was dramatically less likely than some investors liked to think.
For lower risk compared to the sector, AGNCO (AGNCO) ($21.89) or NLY-I (NLY.PI) ($21.72), come in as your top choices. Price volatility on MFO (MFO) ($19.00) has been too high to list it here, but we expect to see some rally in MFO. For a medium-risk pick, we highlight the baby bond AIW (AIW) ($20.71). For higher-risk choices, check out the NYMT preferred shares. Normally we would favor NYMTO. That is because NYMTO normally has a lower price than NYMTP and higher yield.
Source: Seeking Alpha
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