** 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
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.