Nomura Securities Starts Annaly Capital Management (NLY) at Neutral; Not Just Another Mortgage REIT; Positive on LT Prospects, but Cautious on NT Risks

Nomura Securities initiates coverage on Annaly Capital Management (NYSE: NLY) with a Neutral. PT $16.50.

Nomura analyst, Bill Carcache, said, "Although we’re bullish on NLY’s long-term prospects, we’re in no rush to buy shares ahead of the 4Q11 print based on our view that risks are to the downside for spreads, returns, and dividends over the near term. We look for an opportunity to become more constructive once these macro variables have stabilized. Our FY’12 and FY’13 EPS ests are $2.11 and $2.30, respectively. Our px tgt is base on 1x our estimate of year-end 2012 book value."

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 $16.16 yesterday.

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