A resilient real estate market makes for a strong real estate investment trust (REIT) sector, a situation that has brought the bulls into mortgage REIT AGNC Investment (NASDAQ: AGNC). One of those optimists lifted his price target on the stock substantially on Tuesday, and as a result, its share price closed 2% higher.

The lifter was RBC Capital analyst Kenneth Lee, who raised his target 33%. He now believes that AGNC is fairly valued at $12 per share, up from his previous target of $9. In doing so, Lee maintained his outperform (buy) recommendation on the stock.

The reasons behind Lee's burst of bullishness weren't immediately apparent. But his move comes on the heels of a general rise in popularity for AGNC stock since the middle of 2022.

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Source Fool.com