Wells Fargo Upgrades Annaly Capital Management (NLY) to Market Perform

Wells Fargo upgraded Annaly Capital Management (NYSE: NLY) from Underperform to Market Perform with a price target of $15.50-$16.50 on valuation.

"We still remain concerned about potential elevated prepayments over the coming months and reinvestment challenges with the Federal Reserve's open-ended mortgage purchases, which we believe could be reflected in the shares. We believe the announcement on October 16 of a $1.5 billion share buyback over the coming year could support shares of NLY. Further, if our 5-10% Q3 book value increase assumption is correct, with NLY at the lower end of the range, the shares would be trading close to 0.95x price to book, which it has only done 2 times as a public company."


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 $15.99 yesterday.

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