As previously reported, Janney Montgomery Scott analyst Jason Stewart upgraded Armour Residential REIT (ARR) to Buy from Neutral with an $18 fair value estimate. While the firm expects the move tighter in agency mortgage spreads to be choppy, current trading levels offer “compelling relative value and total return opportunities,” the analyst tells investors. Book value per share is trailing expectations year-to-date in 2025, but the valuation of the shares “more than compensates for the recent BVPS performance,” the analyst contends.
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