Market Overview

UPDATE: Wunderlich Securities Upgrades Chimera Investment Corporation to Hold

Related CIM
7 Stocks Mined From The Bottom Decile
Market Wrap For June 5: Markets Positive Before Friday's Employment Report

Wunderlich Securities raises its rating on Chimera Investment Corporation (NYSE: CIM) from Sell to Hold with a reiterated $2.50 price target following declaration of the quarterly dividend.

Wunderlich Securities noted, "The company released some preliminary information about the restatement to correct accounting errors made since the company's public debut in 2007. Essentially, $695 million is moving between the income statement and accumulated other comprehensive income on the balance sheet, leaving book value untouched (most recently reported as $3.03 per share at 3/31/12). Moreover, the board declared a $0.09 quarterly dividend for the balance of the year. While we are unable to revise our earnings model with this limited data, we believe our concerns about the ongoing nature of the enterprise have been addressed."

Chimera Investment Corporation closed at $2.18 on Monday.

Latest Ratings for CIM

DateFirmActionFromTo
Nov 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Nov 2014Deutsche BankMaintainsHold
Aug 2014Keefe Bruyette & WoodsMaintainsMarket Perform

View More Analyst Ratings for CIM
View the Latest Analyst Ratings

Posted-In: Wunderlich SecuritiesAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (CIM)

Around the Web, We're Loving...

Get Benzinga's Newsletters