AGNC Investment price target lowered to $8.50 from $10.50 at BTIG

BTIG analyst Eric Hagen lowered the firm’s price target on AGNC Investment to $8.50 from $10.50 and keeps a Buy rating on the shares after the company released its preliminary results ahead of its earnings report next week, including book value of $6.68 through last Friday. Capital has been raised to help avoid some realized losses, but the company’s dividend is at risk of getting cut as it looks to stabilize leverage and source liquidity, the analyst tells investors in a research note. Backing into a hurdle rate near 20% would have better support if the Fed were in the process of bringing down rates, though some of that opportunity might already be appearing in valuation, the firm added.