Wells Fargo Upgrades Annaly Capital Management (NLY) to Outperform

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Wells Fargo upgraded Annaly Capital Management (NYSE: NLY) from Market Perform to Outperform as part of a broader call on the mREIT sector.

The firm comments, "While there are a lot of concerns and rumors in the market from Demarco's departure, removal of the home interest deduction, the Boxer-Menendez bill, retail concerns of higher tax rates (mREITs taxed as ordinary income), NIM pressures in perpetuity, 30-year mortgage interest rates reaching 2.5%, QE4 (fourth round of quantitative easing), along with the fiscal cliff, we believe the sector is oversold and creates a buying opportunity not seen since the height of the financial crisis. The mREITs trade at approximately 0.88x to Q3 BV and have traded at such levels only three times since 2001 (7/07, 12/05 and 3/01)."

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 $14.07 yesterday, with a 52 week range of $13.72-$17.75.

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