UPDATE: Wunderlich Securities Upgrades Chimera Investment Corporation to Hold

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.

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