** 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))
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