Wunderlich Maintains Sell on Chimera Investment

Wunderlich Securities has published a research report on Chimera Investment Corporation (NYSE: CIM) maintaining its Sell rating and $2.50 price target.

In the report, Wunderlich writes, "We maintain a Sell rating on the shares of Chimera Investment (CIM), after the company reported 3Q11 results that did not include material restatements. We believe these restatements reflect, in the aggregate, significant negative trends. We project that CIM could experience higher severity of loss than its GAAP earnings reflect. This is a matter of opinion, but we believe our opinion is supported by the market value of subordinate re-REMIC bonds, which are depressed, as reflected in the temporary marks in the company's reported book value of $3.27 at 9/30/11."

Chimera Investment is currently trading down $0.03 from Friday's $2.63 closing price.