UPDATE: Sterne Agee Downgrades Chimera Investment to Underperform - Chimera Investment (NYSE:CIM)

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Sterne Agee is out with its report today on Chimera Investment (NYSE: CIM), downgrading CIM from Neutral to Outperform.In its report, Sterne Agee writes, "We are reducing our rating on Chimera Investment Corp from NEUTRAL to UNDERPERFORM in light of its high credit exposure in an increasingly uncertain economic environment as well as valuation versus peers. While the shares have already seen a 34% decline from the 10/2010 high of $4.36, our estimates imply that they may exhibit further underperformance in the near term."Sterne Agee has a $2.65 PT on CIM.At the time of posting, shares of CIM were trading at $2.95, down 1.01% from Thursday's close.

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