Nomura Securities Raises Price Target on Chimera Investment (CIM) Following 2Q
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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."
Shares of Chimera Investment Corp closed at $16.54 yesterday.
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