Annaly Capital price target lowered to $18 from $22 at RBC Capital

RBC Capital analyst Kenneth Lee lowered the firm’s price target on Annaly Capital to $18 from $22 and keeps an Outperform rating on the shares. The firm is updating its estimates following Q3 results, stating that the company’s book value per share reflects another challenging quarter amid sharply rising rates and widening mortgage spreads, even though from a valuation perspective, agencies continue to be attractive, the analyst tells investors in a research note.