UPDATE: Stifel Nicolaus Cuts PT to $14.50 on CYS Investments on Dividend Reduction

Stifel Nicolaus reiterated its Buy rating on CYS Investments

but reduced its price target from $15.25 to $14.50. Stifel Nicolaus commented, "[W]ith the stock trading at 90% of our $14.50 spot book value estimate we find the stock attractive. We're not enthralled about the quarterly dividend reduction, but given the negative impacts of QE3 we're not surprised. The reduction came a quarter sooner than we expected, but the 52c special dividend more than fills in the gap." CYS Investments closed at $13.06 on Monday.