UBS Sees Shares of Annaly Capital Management (NLY) Fairly Valued; Adjusts PT & Estimates

UBS reiterates a 'Neutral' on Annaly Capital Management (NYSE: NLY) price target of $16.00.

Analyst, Dean Choksi, said, "NLY reported core EPS of $0.44, excluding $0.08 of realized gains, which was below our estimate of $0.47 and consensus of $0.49. NLY continues to harvest portfolio gains to support its dividend ($0.55 in 1Q) as spread income from the portfolio declines due to lower leverage and higher prepays. Book value ticked up $0.12 to $16.18 which was modestly better than expected after declining in the prior two quarters. We believe shares are fairly valued at a 2% premium to BV."

UBS lowers FY12 EPS from $2.09 to $1.98 and FY13 from $2.26 to $2.03.

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 $16.51 yesterday.

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