Annaly Capital price target lowered to $13.50 from $16 at FBR Capital

FBR Capital views Annaly Capital's (NLY) proposed acquisition of CreXus (CXS) as an admittance by Annaly that its agency MBS model cannot work in the current environment. FBR lowered its price target for Annaly shares to $13.50 and reiterates an Underperform rating on the stock.

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