Jefferies Downgrades American Capital Agency (AGNC) to Hold on Valuation

Jefferies downgraded American Capital Agency (NASDAQ: AGNC) from Buy to Hold with a price target of $34, citing valuation.

The analyst comments, "With AGNC trading to a P:B multiple of 1.18x our projected 3Q12 book value, and our view that QE3 is now fully priced into the shares, we are downgrading the shares from Buy to Hold. Although AGNC has arguably the most savvy management team and the best total return over the TTM in the mortgage REIT space, we cannot justify adding to positions at these valuation levels."

For an analyst ratings summary and ratings history on American Capital Agency click here. For more ratings news on American Capital Agency click here.

Shares of American Capital Agency closed at $36.68 yesterday.

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