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.
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