J.P. Morgan Initiates Coverage On Apollo Residential Mortgage With Neutral Rating

According to J.P. Morgan, Apollo Residential Mortgage

coverage is initiated with a Neutral rating. J.P. Morgan said that it is initiating coverage of Apollo Residential Mortgage with a Neutral rating and $18.50 price target. “Consequently, we expect shares to be range bound. Our December 2012 price target is $18.50, based upon a dividend discount model (

) and equates to a 4Q12 annualized dividend yield of 11.3% and 0.94x estimated 12/31/12 NAV.” Constant Contact closed yesterday at $19.09.