Janney Montgomery Scott analyst Jason Stewart downgraded Cherry Hill Mortgage (CHMI) to Neutral from Buy with a $3.25 fair value estimate, down from $4.00. While the shares are trading at a 25% discount to tangible book value, the shares lack a identifiable catalyst for the shares to re-rate higher. The firm says that with peer mortgage real estate investment trusts trading at higher dividend yields, it sees more attractive carry alternatives elsewhere in the sector.
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