UBS upgraded AGNC Investment to Buy from Neutral with a price target of $11.50, up from $10.50. As a pure-play agency mortgage-backed securities focused mortgage real estate investment trust, AGNC should benefit from favorable market dynamics for the asset class over the medium to long term, the analyst tells investors in a research note. The firm says that as the Federal Reserve approaches the end of its tightening cycle, rate volatility subsides, and supply/demand dynamics gradually improve, the company’s performance should be able to drive 30% total return.
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