Two Harbors price target lowered to $12.50 from $14.50 at JMP Securities

JMP Securities lowered the firm’s price target on Two Harbors to $12.50 from $14.50 and keeps an Outperform rating on the shares. ahead of the quarterly results. The firm’s quarter-end proprietary tangible book value estimates for the Residential Mortgage REIT companies reflect an average ~18% book value decline in 3Q23 for the Agency names and an average ~10% decline for the Hybrid group, the analyst tells investors in a research note.