Jefferies Lowers PT On CIM to $3

Jefferies has lowered its price target on Chimera Investment Group CIM from $3.80 to $3, citing “limited opportunities.” In its report, Jefferies states, “With limited opportunities for capital deployment in the near term and increasing headwinds from the re-REMIC residual book, we remain Hold rated on shares of CIM. Although we expect CIM to eventually be a significant player in the non-Agency new issuance market, over the near term we expect the optics from the subordinate portfolio to overshadow the company's long-term potential.” Jefferies maintains a Hold rating on the stock. CIM closed yesterday at $3.13.