Piper Sandler lowered the firm’s price target on Annaly Capital (NLY) to $21 from $21.50 and keeps an Overweight rating on the shares. The firm notes Annaly posted core earnings in-line with PSC, but beat the Street. Piper remains bullish on the name as it is still constructive on the investing environment for Annaly’s diversified strategies across agency MBS, resi credit and MSRs with its ability to generate mid-to-high teens returns.
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