Invesco Mortgage initiated with a Neutral at BTIG

BTIG initiated coverage of Invesco Mortgage with a Neutral rating and no price target. The firm expects the sharp move in interest rates and drawdown in book value since mid-September have raised the company’s demand for capital and liquidity, the analyst tells investors. While there could be relative upside to capture from MBS spreads tightening, BTIG thinks the dividend could be vulnerable to a cut without fresh capital, the analyst added.