Angel Oak Mortgage REIT initiated with a Buy at BTIG

BTIG analyst Eric Hagen initiated coverage of Angel Oak Mortgage REIT with a Buy rating and $13.50 price target. The analyst views Angel Oak as the purest way to gain exposure to non-qualified mortgage lending. The channel continues to develop as a relevant funding source for consumers and borrowers with non-traditional situations, the analyst tells investors in a research note. The firm sees near-term path for 20%-plus total return, saying the dividend “looks relatively stable” considering most of the company’s assets are match-funded with securitized debt.