UBS Downgrades Annaly Capital Management (NLY) to Neutral
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UBS analyst Brock Vandervliet downgraded Annaly Capital Management (NYSE: NLY) from Buy to Neutral with a price target of $8.00 (from $9.50).
The analyst comments "...the facts have changed surrounding NLY which as an mREIT is in the most interest rate sensitive sector. The facts include a radically different and more hostile rate environment that is both sharply lower than mid-June when we initiated and also a 2s10s UST yield curve that not only flattened but inverted. While changes in the macro outlook, namely a trade settlement, could potentially move interest rates back to levels similar to June, this new environment requires a more conservative outlook."
Shares of Annaly Capital Management closed at $8.25 yesterday.
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