UPDATE: Sterne Agee Upgrades Chimera Investment to Neutral
Sterne Agee raises its rating from Underperform to Neutral on Chimera Investment Corporation (NYSE: CIM) as shares are seen at fair vale compared to peers.
According to Sterne Agee, “As we have seen a decline in the shares of CIM from $2.98 to $2.57 over the last 20 days, we are raising our rating from UNDERPERFORM to NEUTRAL. We currently see the shares as fairly valued versus the group. Nevertheless, the company still has the highest credit risk among of the MREIT group and we remain cautious given the increasingly uncertain economic environment. We would refrain from buying until the impact from the proposed accounting changes are known and we are able to better discern the current valuation of the portfolio.”
CIM closed at $2.57 on Thursday.
