
Brokerage UBS upgrades mortgage REIT Chimera Investment Corp CIM.N to "buy" from "neutral", raises PT to $15 from $11.50
New PT represents an 11.5% upside to the stock's last close
Shares of CIM rise 3.3% to $13.46
CIM's book value has performed better than expected, and its earnings and return on equity (ROE) will be higher than previously thought, says UBS
Brokerage believes CIM is able to optimize its liabilities to free up additional capital for reinvestment, which will add to its earnings
"With the higher earnings estimates we see the potential for CIM to increase its dividend in the coming quarters" — UBS
Including session's moves, CIM stock down 3.9% YTD