JPMorgan analyst Richard Shane raised the firm’s price target on Annaly Capital (NLY) to $22 from $21 and keeps an Overweight rating on the shares as part of a Q3 preview for the mortgage real estate investment trust group. Uncertainty around the path of interest rates is “quickly diminishing” but inflation remains a risk, the analyst tells investors in a research note. JPMorgan believes a steeper yield curve will be a tailwind for residential mortgage REITS but may have a more measured impact on commercial REITs.
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