Jefferies Raises Price Target on American Capital Agency (AGNC)

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Analysts at Jefferies reiterated their Buy American Capital Agency (NASDAQ: AGNC) but raised their price target to $34.00 (from $32.00).

"Now positioned with nearly 70% of assets invested in lower coupon HARP and low loan balance pass-throughs, AGNC is set up to benefit in the event of QE3," said Daniel Furtado, an equity analyst at Jefferies.

"Additionally, steps were taken to increase the duration of repo funding (121 days) and increase hedge ratios resulting in a negative duration gap."

For an analyst ratings summary and ratings history on American Capital Agency click here. For more ratings news on American Capital Agency click here.

Shares of American Capital Agency closed at $34.83 yesterday, with a 52 week range of $22.84-$35.58.

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