New York, September 18 (FinanceEnquiry.com) – Analysts at JP Morgan & Co downgrade their rating on the shares of Annaly Capital Management, Inc (NYSE: NLY) from OVERWEIGHT to NEUTRAL. The 12-month target price is set to $17.
In a research note published on September 17, the analysts mention that the profile of risk or reward has become more balanced and due to this, rating on Annaly Capital Management has been lowered. In addition to this, the move is partly a function of lately proclaimed interference and movements of government in the MBS and Treasury markets and also of the stock trading higher than the target price..
Furthermore, in spite of downgrades and price weakness, Annaly Capital Management was protected on August 9. In order to modify the investment case, it seems that sufficient factors have shifted. Additionally, the stock that presently trades at a premium to the target price; QE3 that may further erode margins; and the OMT program of ECB that lessens down Euro risk, which may weaken the value of NLY as a portfolio hedge, have been comprised in the important changes, the analysts add further.
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