In Brief: PaineWebber Analyst Cuts Thornburg Rating

PaineWebber Inc. analyst Gary Gordon has cut his rating on Thornburg Mortgage Asset Corp. stock to "neutral," from "attractive."

Mr. Gordon reduced his estimate of Thornburg's 1998 earnings to $2.15 a share, from $2.20. He left unchanged his 1997 earnings estimate of $2 a share.

Thornburg Mortgage is a real estate investment trust based in Santa Fe, N.M. It invests in adjustable-rate, mortgage-backed securities.

Mr. Gordon also downgraded PMI Group, a San Francisco mortgage insurer, from "attractive" to "neutral."

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