Keefe, Bruyette & Woods Downgrades Annaly Capital Management (NLY) to Market Perform

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Keefe, Bruyette & Woods downgraded Annaly Capital Management (NYSE: NLY) to Market Perform with a price target of $16.50.

KBW analyst says, "We are cutting our estimates as we assume higher prepayments in 2012 as a result of newly announced changes to HARP. Our 2012 EPS estimate falls to $2.02 from $2.18. We forecast current book value of about $16. We are reducing our price target to $16.50 and reduce out rating."

For an analyst ratings summary and ratings history on Annaly Capital Management click here. For more ratings news on Annaly Capital Management click here.

Shares of Annaly Capital Management closed at $16.31 yesterday, with a 52 week range of $14.05-$18.79.

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