UBS analyst Vilas Abraham upgraded Annaly Capital to Buy from Neutral with a price target of $24, up from $21. As the largest agency mortgage-backed securities focused mortgage real estate investment trust, Annaly should benefit as market dynamics for the asset class improve over the coming quarters, the analyst tells investors in a research note. The firm says that as the Federal Reserve approaches the end of tightening, rate volatility subsides, and supply/demand dynamics gradually improve, the company’s performance should be able drive 30% total return.
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