Janney Montgomery Scott analyst Jason Stewart initiated coverage of Angel Oak Mortgage REIT (AOMR) with a Buy rating and $13 fair value estimate. The company is attractively positioned as a leader in the non-qualified mortgage space, which is expected to experience exponential growth over the next several years, the analyst tells investors in a research note. The firm says Angel Oak has a “well-structured balance sheet, solid credit performance, and the capacity and flexibility” through its partnership with its affiliated lender to invest and expand with the growing market. Active rotation of the shareholder base has created a buying opportunity, contends Janney.
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