UPDATE: Sterne Agee Upgrades American Capital Agency to Buy Ahead of Earnings
Sterne Agee raised its rating on American Capital Agency (NASDAQ: AGNC) from Neutral to Buy and established a $34 price target.
Sterne Agee noted, "We are upgrading the shares of AGNC to short-term Buy ahead of earnings reports and into year end and establishing a $34 price target. In our view, the recent market volatility has given us a good entry price below book value and spreads on new investment - while lower - will take some time to influence the dividend level supported by undistributed taxable income and gains from this quarter."
American Capital Agency closed at $32.59 on Friday.
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