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Ackman Says Fannie Mae Shares Could Be Worth $47

Bill Ackman, who runs the $15 billion Pershing Square Capital Management LP, said that Fannie Mae and Freddie Mac will probably soar because there’s no way to replace the mortgage guarantee companies.

Fannie Mae could be worth $23 to $47 a share over time, said Ackman, 47, speaking at the 19th annual Sohn Investment Conference in New York, where he referred to a 110-slide presentation on the mortgage companies. Fannie Mae reversed losses and rose 3 percent to $4.10 at 4 p.m. in New York trading. Freddie Mac shares rose 6.3 percent to $4.23.