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NLY

Annaly Capital

$8.31

-0.005 (-0.06%)

06:23
09/03/19
09/03
06:23
09/03/19
06:23

Annaly Capital downgraded to Neutral from Buy at UBS

UBS analyst Brock Vandervliet downgraded Annaly Capital to Neutral and lowered his price target to $8 from $9.50, citing a "more hostile" interest rate environment. The analyst notes that Mortgage REITs is the most interest rate sensitive sector and contends that investment factors for Annaly Capital are different from the time when he initiated the stock in mid-June as the treasury yield curve not only flattened but inverted.

NLY Annaly Capital
$8.31

-0.005 (-0.06%)

01/16/19
JPMS
01/16/19
UPGRADE
Target $10.5
JPMS
Overweight
JPMorgan upgrades Annaly Capital to Overweight with $10.50 target
JPMorgan analyst Richard Shane upgraded Annaly Capital to Overweight from Neutral and raised his price target for the shares to $10.50 from $10. The analyst has an "incrementally constructive" outlook on the rates-focused agency mortgage real estate investment trusts. Annaly's agency mortgage-backed security portfolio could outperform in a cyclical downturn environment as flight-to-quality assets, Shane tells investors in a research note. Further, the analyst believes a potential moderation of Federal Reserve interest rate tightening in 2019 and 2020 may be a positive catalyst for fixed-rate agency mortgage-backed securities. As the largest residential mortgage REIT, Annaly Capital also benefits from scale and diversification, says the analyst.
01/16/19
JPMS
01/16/19
NO CHANGE
JPMS
JPMorgan resets ratings across Specialty Finance sector
The prospect of a prolonged government shutdown and global trade uncertainty threatens what has been "steady, reliable domestic growth," JPMorgan analyst Richard Shane tells investors in a research note on the Specialty Finance sector. Further, the analyst believes the outlook for Fed action has become more clouded. However, Shane thinks sentiment across his sector seems to reflect uncertainty, which gives him an "increasingly positive bias" to the group. He sees the most upside potential among consumer finance names, with late cycle uncertainty "potentially dampening" upside among commercial mortgage real estate investment trusts. Shane this morning upgraded a host of names: Navient (NAVI), OneMain Holdings (OMF) and KKR Real Estate Finance Trust (KREF) to Neutral from Underweight and TCG BDC (CGBD), Annaly Capital (NLY) and Apollo Commercial (ARI) to Overweight from Neutral. Today's downgrades are Santander Consumer (SC), BlackRock Capital Investment (BKCC), WhiteHorse Finance (WHF) to Underweight from Neutral along with PennantPark (PNNT) and Granite Point Mortgage (GPMT) to Neutral from Overweight.
03/26/19
NOMU
03/26/19
INITIATION
Target $11
NOMU
Buy
Annaly Capital initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Matthew Howlett started Annaly Capital with a Buy rating and $11 price target. The analyst believes the company's credit businesses will likely provide growth and an improvement in valuation multiples going forward. He initiated coverage of the U.S. Mortgage REITs industry with a positive outlook. The environment for levered mortgage-based operating models is the best it's been since the Taper Tantrum, Howlett tells investors in a research note. He thinks the space is poised to attract interest from "yield-starved investors amid a low, range-bound interest rate environment and expected yield curve steepening."
06/21/19
UBSW
06/21/19
INITIATION
Target $9.5
UBSW
Buy
Annaly Capital initiated with a Buy at UBS
UBS analyst Brock Vandervliet initiated Annaly Capital (NLY) with a Buy rating and a price target of $9.50 as part of his broader research note starting coverage on U.S. Mortgage Finance companies. The analyst is positive on the 10%-12% dividend yields in the sector, adding that Annaly Capital is among the select opportunities to generate earnings growth. Vandervliet cites the impact of three expected Fed rate cuts by the middle of next year lowering funding costs while also creating book value stability from low interest rate volatility. As part of his research note, Vandervliet also initiated AGNC Investment (AGNC) with a Neutral rating and a price target of $16.50.

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