PMT - Annaly: The Real Spread And Why You Should Buy After The Next Cut
2024-02-05 05:45:21 ET
Summary
- We had last upgraded Annaly Capital Management after a period of decline.
- The bounce-back looks close to over.
- We tell you why the mortgage REIT market is still facing challenges and give you three reasons for the downgrade.
On our last coverage of Annaly Capital Management, Inc. ( NLY ) we gave it an upgrade after 4 consecutive Sells. At the core of our thesis was that the mortgage REIT market had been brutally beaten down and the stock while not cheap, in a traditional way, had characteristics that would trigger a rebound. That was a good call, as pressing the sell case that later in the game would have not worked out....
Annaly: The Real Spread And Why You Should Buy After The Next Cut