Nomura Securities Raises Price Target on Chimera Investment (CIM) Following 2Q

August 8, 2016 8:12 AM EDT
Get Alerts CIM Hot Sheet
Price: $17.50 +0.34%

Rating Summary:
    2 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Nomura Securities reiterated a Buy rating on Chimera Investment Corp (NYSE: CIM), and raised the price target to $18.00 (from $17.00), following the company's 2Q earnings report.

Analyst Brock Vandervliet commented, "Following on our First Look which highlighted our first takeaways from CIM’s Q2 print, we are revising our estimates following a model review and management discussion. Our estimate revisions, though not substantial, reflect a growing sense that CIM can continue to manufacture a more stable earnings and dividend stream than most mortgage REITs. This stability is exemplified by our revisions which take full year EPS to $2.28 flat for both 2016 and 2017. Our Q3 estimate which does not bear the drag of Q2’s transaction costs like, is $0.60. Looking at consensus of just $0.56, this earnings pick-up is not well understood by all market participants. We are boosting our target price from $17 to $18."

For an analyst ratings summary and ratings history on Chimera Investment Corp click here. For more ratings news on Chimera Investment Corp click here.

Shares of Chimera Investment Corp closed at $16.54 yesterday.

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