Nomura Securities Maintains a 'Neutral' on Cypress Sharpridge (CYS); 4Q Pre-Announcement

Nomura Securities maintains a 'Neutral' on Cypress Sharpridge (NYSE: CYS) price target of $13.50.

Analyst, Bill Carcache, said, "CYS preannounced 4Q11 EPS, indicating that it expects 4Q11 results to be in the range of $0.51 to $0.55 per share versus our estimate of $0.46 and consensus of $0.51. The company also expects the following: 1) Book value per share in the range of $12.98 to $13.03 versus our estimate of $12.97 and consensus of $12.90, 2) Leverage ratio in the range of 7.7 to 7.9 to 1 versus our estimate of 8.0x, 3) Portfolio fair value of approximately $9.5 billion versus our estimate of $9.7 billion. We are raising our 4Q11 EPS estimate to $0.51, the low end of the guidance range and leaving our 2012 and 2013 estimates unchanged. We are raising our 4Q11 EPS estimate to $0.51, the low end of the guidance range and leaving our 2012 and 2013 estimates unchanged."

For an analyst ratings summary and ratings history on Cypress Sharpridge click here. For more ratings news on Cypress Sharpridge click here.

Shares of Cypress Sharpridge closed at $13.75 yesterday.

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