Cantor Fitzgerald Starts Annaly Capital Management (NLY) at Buy; Largest Market Cap and Diversification
Tweet Send to a FriendGet Alerts NLY Hot Sheet
Price: $14.30 -0.83%
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Trade NLY Now!
Cantor Fitzgerald initiates coverage on Annaly Capital Management (NYSE: NLY) with a Buy. PT $18.50.
Cantor analyst says, "Unlike its peers, Annaly is also diversified: it is already a horizontallyintegrated fixed-income asset manager and, in our view, is in the process of becoming a vertically-integrated mortgage origination/securitization entity for conforming and non-conforming mortgages...Annaly's investment portfolio is also more heavily weighted than its peers toward fixed-rate mortgage collateral (86% fixed-rate), which could be an issue when interest rates increase...We expect (a) Annaly's existing investments, (b) its two 1Q:11 equity raises, and (c) a continuation of the current favorable environment (especially a steep yield curve) for Agency mortgage REITs, to enable it to sustain at least a peer ROE through 2011. Accordingly, we believe that Annaly should trade at least in line with its peers."
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 $17.23 yesterday, with a 52 week range of $14.09-$18.54.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Cantor analyst says, "Unlike its peers, Annaly is also diversified: it is already a horizontallyintegrated fixed-income asset manager and, in our view, is in the process of becoming a vertically-integrated mortgage origination/securitization entity for conforming and non-conforming mortgages...Annaly's investment portfolio is also more heavily weighted than its peers toward fixed-rate mortgage collateral (86% fixed-rate), which could be an issue when interest rates increase...We expect (a) Annaly's existing investments, (b) its two 1Q:11 equity raises, and (c) a continuation of the current favorable environment (especially a steep yield curve) for Agency mortgage REITs, to enable it to sustain at least a peer ROE through 2011. Accordingly, we believe that Annaly should trade at least in line with its peers."
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 $17.23 yesterday, with a 52 week range of $14.09-$18.54.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Annaly (NLY) Completes CreXus Acquisition; Will Operate Under 'Annaly Commercial Real Estate Group'
- Roth Capital Resumes Crown Crafts (CRWS) at Buy
- UPDATE: A.G. Lafley Gives Procter & Gamble (PG) Investors 'New Hope', UBS Upgrades to Buy
Create E-mail Alert Related Categories
New CoverageRelated Entities
Cantor Fitzgerald
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
