BofA lowered the firm’s price target on AGNC Investment (AGNC) to $8.25 from $10 and keeps a Neutral rating on the shares. The company preannounced a Q1 earnings beat but noted that tangible book value per share is down 5.5% to $7.80 as of April 9 given recent rate volatility and wider mortgage spreads. The firm views AGNC’s risk/reward was balanced, but remains “somewhat concerned” about additional rate volatility and wider mortgage spreads in the near-term.
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