RBC Capital analyst Kenneth Lee raised the firm’s price target on AGNC Investment (AGNC) to $13 from $11 and keeps an Outperform rating on the shares. The company reported strong economic returns of 11.6% in Q4 as MBS spreads tightened, the analyst tells investors in a research note. AGNC portfolio returns are still supportive of common dividends, though expected returns are slightly lower than the cost of capital, RBC added.
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