Citizens JMP downgraded Two Harbors (TWO) to Market Perform from Outperform and removed the firm’s prior $13.50 price target on the shares, citing uncertainty about the final level of damages yet to be determined in the ongoing lawsuit against its former external manager. The firm continues to view shares as attractive relative to current book value adjusted for the $199M contingent liability the company has reserved, but thinks it is appropriate to move to the sidelines for the time being given the uncertainty related to the suit.
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