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Chimera Investment (CIM) Stock Price Target Increased at Nomura

NEW YORK (TheStreet) -- Shares of Chimera Investment (CIM - Get Report) closed up by 1.37% to $14.78 Monday, as the company's price target was raised to $16 from $15 and its "buy" rating was maintained at Nomura.

The firm increased the stock's price target after Chimera reported its 2016 first quarter results earlier in the month, which beat analysts' expectations. The real estate investment trust's results and $1.5 billion "residential securitization" which closed in the period ended March 31 were "turning points" for Chimera, Nomura analysts said in an investor note.

Under new market regulations, all mortgage-backed securities must have an economic sponsor in the deal, which for Chimera, is Springleaf (LEAF). The "Springleaf transaction" replaced Chimera's "virtually impossible to duplicate pre-crisis legacy loan and residential mortgage-backed security portfolio" that was gradually running off, Nomura...