Piper Sandler upgrades Annaly Capital on strong results

Annaly Capital Management

02/05/2023 09:37

** Piper Sandler upgrades Annaly Capital  NLY.N  to
"overweight from "neutral"; hikes PT to $21.50 from $20
    ** Brokerage says despite a volatile Q1, NLY was able post a
positive economic return and keep tangible book value flat,
which is better than agency mortgage REIT peers
    ** Last week, NLY reported its Q1 book value effectively
unchanged at $20.77 per common share and economic return of 3%
    ** Piper add NLY's diversification efforts along with its
Mortagage-backed securities portfolio will generate double-digit
returns across strategies 
    ** NLY down 8.3% YTD

 (Reporting by Aniruddha Ghosh in Bengaluru)
 ((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))