Wells Fargo Starts Annaly Capital Management (NLY) at Market Perform; Expertise Across a Broad Range of Markets

Wells Fargo initiates coverage on Annaly Capital Management (NYSE: NLY) with a Market Perform. Valuation range of $16-17.

Wells analyst says, "We consider NLY to be the bellweather in the Agency REIT sector due to (1) having the strongest track record, (2) expertise across a broad range of markets, and (3) our expectation for steady economic returns. We are establishing 2011 and 2012 EPS estimates of $2.51 and $2.36, respectively. Our $16-17 valuation range is derived by assigning a 1.0-1.1x price/book multiple on NLY’s most recently reported NAV of $15.76."

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 $17.79 yesterday.

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