Wells Fargo analyst Donald Fandetti raised the firm’s price target on Annaly Capital (NLY) to $25 from $23 and keeps an Overweight rating on the shares. The firm notes tangible book value increased as agency mortgage-backed securities spreads tightened, boosted by the $200B government-sponsored enterprise purchase plan. Annaly has built a well-performing diversified residential finance platform with agency MBS, mortgage servicing rights and credit, Wells adds. The dividend yield is 11.7%.
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