Annaly Capital price target lowered to $22 from $23 at JPMorgan

JPMorgan lowered the firm’s price target on Annaly Capital to $22 from $23 and keeps an Overweight rating on the shares. The analyst expects book values to rebound for residential mortgage real estate investment trusts throughout 2023 as the Federal Reserve rate cycle nears its end. However, the firm expects expect mixed results on book value in Q1 given volatility and wider spreads towards the end of quarter following the regional banking crisis.