Wunderlich Maintains Buy on Annaly Capital Management (NLY)

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Wunderlich is out with its report today on Annaly Capital Management
NLY
, maintaining Buy and an $18 PT. In its note to clients, Wunderlich writes, "Annaly Capital Management reported 4Q10 core EPS, adjusted to include cash gains from asset sales, of $0.66 per share, which was a little ahead of our $0.64 estimate. Book value was higher than we had estimated, coming in at $15.24 (tangible, and adjusted for the January accretive stock offering). It appears to us that trends recorded in 4Q10 and year to date support an estimated 16.5% ROE in 2011, and we are trimming our EPS estimate from $2.54 to $2.46, and believe that investors can expect dividends in the $2.40 to $2.45 range for 2011. We reiterate our Buy rating and $18 price target, though we expect little by way of price appreciation in 2011 contributing to returns." At the time of posting, shares of NLY were trading pre-market at $17.80, down 0.67% from Thursday's close.
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Posted In: Analyst ColorPrice TargetAnalyst Ratingsannaly capital managementFinancialsMortgage REIT'sWunderlich
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