Why Annaly Capital Management Stock Slipped Today
Not for the first time in recent weeks, Annaly Capital Management (NYSE: NLY) took a sharp hit on the stock exchange Monday. The share price of the mortgage real estate investment trust (mREIT) fell by over 7% on the latest in a series of analyst price-target cuts.
Monday's cutter was Credit Suisse prognosticator Douglas Harter, who lowered his Annaly price target to $20 per share. Although that was quite a bit of distance down from his preceding $26, Harter is maintaining his neutral recommendation on the stock.
Although the Credit Suisse analyst's justification for the move wasn't immediately apparent, it comes at a clearly challenging time for Annaly specifically and the mREIT industry in general.
Source Fool.com
