UPDATE: Sterne Agee Upgrades Annaly Capital Management to Neutral on Rising Mortgage Rates
Sterne Agee upgraded Annaly Capital Management (NYSE: NLY) from Underperform to Neutral and raised the price target from $13.50 to $14.25.
Sterne Agee noted, "The shares of NLY are selling at our expected price to book multiple of 90% and only modestly above our new price target of $14.25. The challenges to the agency-only model are well known, and rising mortgage rates could provide some relief to expected CPRs and reinvestment rates."
Annaly Capital Management closed at $14.66 on Thursday.
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