UBS initiated coverage of Ellington Financial with a Neutral rating and $13.50 price target. The analyst initiated or assumed coverage of nine residential credit mortgage real estate investment trusts. The decline in rates during Q4 should ease pressure on both book values and earnings power, the analyst tells investors in a research note. The firm says its Buy ratings are split between return on equity upside from combining the asset generation capabilities with third party capital and discounted valuations relative to ROE expectations.
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