UPDATE: Wunderlich Securities Raises PT to $15 on CYS Investments

Wunderlich Securities increases its price target from $14 to $15 on Buy-rated CYS

based on the company's value creation and trends. Wunderlich Securities comments, "CYS Investments (

) reported strong value creation, nearly 20% annualized over year-end 2011 book value of $13.02, in the form of $0.15 in dividends and $0.14 in book-value growth. Reported core EPS of $0.36 did not cover the $0.50 quarterly dividend, but GAAP EPS of $0.66 per share indicate value created. CYS is focused on selecting agency RMBS with low propensity to prepay, and on owning such assets at a low premium. The company has a disciplined investment strategy and it operates with a relatively high level of transparency." CYS closed at $13.35 on Wednesday.