UBS upgraded Chimera (CIM) to Buy from Neutral with a price target of $15, up from $11.50. The firm cites the company’s better than expected book value performance in Q1 and April, plus higher near-term earnings expectations for the upgrade. The biggest source of the upside comes from Chimera’s ability to optimize its liabilities to free up additional capital for reinvestment, the analyst tells investors in a research note. UBS points out the shares are trading at 61% of book value.
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