UPDATE: Bank Of America Lowers Price Target On Chimera Investment To $3.15

According to Bank of America, Chimera Investment (NYSE: CIM) price target is lowered to $3.15.

Bank of America said that it is lowering its price objective for Chimera Investment Corp (CIM; C-1-7; $2.99) to $3.15 from $4.25 to reflect a ~1.0x BV multiple to current economic BV of $3.08 p.s. and a 14% dividend yield, which is more appropriate in the current market backdrop. “We are lowering our 2012 EPS estimate to $0.45 from $0.55 to reflect higher credit losses.”

Chimera Investment closed yesterday at $2.99.