Jefferies Downgrades NLY To Hold From Buy

Jefferies is downgrading shares of Annaly Capital Management NLY from Buy to Hold. “We expect investment spreads and Agency MBS prices to decline over the coming 12-months,” Jefferies writes. “While investors are likely to earn the market return in the Agency space via ownership of NLY, we believe more attractive returns can be found in mortgage REITs that have exposure to non-Agency investments.” Annaly Capital Management closed Tuesday at $17.84.