Wells Fargo lowered the firm’s price target on Angel Oak Mortgage REIT (AOMR) to $11 from $12 and keeps an Overweight rating on the shares. The firm notes net interest income continued to move higher quarter-over-quarter. However, spread widening took GAAP book value down 10% quarter-over-quarter to $10.17. Management expects net interest income to grow each quarter in 2025, supporting the current dividend, Wells adds.
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