Jefferies Leaves American Capital Agency Hold Rating, $27 PT Unchanged (AGNC)

Jefferies left its American Capital Agency AGNC Hold rating and $27 price target unchanged in a research report published today. In the report, Jefferies states, "AGNC has proven to be the dominant investor in the pure-play Agency mortgage REIT sector. Despite substantial ROE outperformance, we view shares of AGNC as fairly valued. AGNC currently trades to a 1.3x multiple of 3Q10 book value, a justifiable premium to the pure-play Agency REIT average of 1.08x." Shares of American Capital Agency were at $29.61 in pre-market trading at the time of posting, up 1.20% from Tuesday's market close.