Jefferies Downgrades Annaly Capital Management (NLY) to Hold, Price Target $15

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Jefferies downgraded shares at Annaly Capital Management (NYSE: NLY) to a Hold rating from their previous rating Buy, as the firm reports that they expect investment spreads and Agency MBS prices to decline over the coming 12-months. The firm comments that, "While investors are likely to earn the market return in the Agency space via ownership of NLY, we believe more attractive returns can be found in mortgage REITs that have exposure to non-Agency investments." As a result the firm is lowering their price target on the company to $15 from $18 and their FY11 EPS estimate to $2.31 from $2.38.

For more ratings news on Annaly Capital Management click here and for the rating history of Annaly Capital Management click here.

Shares of Annaly Capital Management closed at $17.84 yesterday, with a 52 week range of $14.09-$18.75.

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