Nomura Instinet analyst Matthew Howlett started PennyMac Mortgage Investment Trust with a Buy rating and $23 price target. The analyst says the company "sits right in the middle" of his bullish thesis for the mortgage real estate investment trust industry and is one of his top recommendations, based on his outlook for growth and economic returns. He initiated coverage of the U.S. Mortgage REITs industry with a positive outlook. The environment for levered mortgage-based operating models is the best it's been since the Taper Tantrum, Howlett tells investors in a research note. He thinks the space is poised to attract interest from "yield-starved investors amid a low, range-bound interest rate environment and expected yield curve steepening."