UPDATE: JefferiesRaises PT on Annaly Capital Management Following In-Line 2Q13 Report

In a report published Monday, Jefferies analyst Daniel Furtado reiterated a Hold rating on Annaly Capital Management NLY, and raised the price target from $11.00 to $12.00.

In the report, Jefferies noted, “NLY reported in-line 2Q13 core spread income, and in-line book value. Leverage came down in the quarter as the company took some Agency MBS risk off the table. We view NLY incrementally more positive following the 2Q13 results as management's more cautious approach to the Agency asset class, and the early stages of asset diversification begin.”

Annaly Capital Management closed on Friday at $12.12.