Dynex Capital price target raised to $13.25 from $13 at UBS

UBS raised the firm’s price target on Dynex Capital (DX) to $13.25 from $13 and keeps a Neutral rating on the shares. Agency MBS spreads have narrowed to levels below long-term averages, leading UBS to view the risk-reward as balanced for both spreads and book value performance, the analyst tells investors in a research note. Credit-focused mREITs, however, trade at more attractive valuations and offer greater long-term book value upside.