UPDATE - Nomura Securities Upgraded Cypress Sharpridge (CYS) to Buy; Steeper Yield Curve Will Lead to Higher Spreads

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UPDATE - Nomura Securities upgraded Cypress Sharpridge (NYSE: CYS) from Neutral to Buy. PT raised from $13.50 to $13.75.

Analyst, Bill Carcache, said, "We now expect CYS shares to produce a total return of ~22% over the next 12 months (~16% dividend yield plus ~7% potential share price appreciation). A steeper yield curve will lead to higher spreads, a more sustainable dividend (with upside bias) and only modest downward pressure to book. Our 2012 / 2013 core EPS estimates go from $1.87 / $2.06 to $2.03 / $2.12, vs. Street at $1.99 / $2.04, respectively."

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Nomura, Dividend

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