Annaly Capital initiated with a Buy at JonesTrading

JonesTrading analyst Jason Stewart initiated coverage of Annaly Capital with a Buy rating and $22.50 price target. Annaly is a market leading investor in the mortgage market with over $86B of assets and $10.6B of equity, Stewart tells investors in a research note. The company "has a liquid, well-hedged portfolio, low balance sheet leverage and a highly efficient cost to operate," says the analyst.