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Ladenburg Thalmann downgrades CYS Investments on valuation

Ladenburg Thalmann analyst David Walrod in an April 13 note downgradedCYS Investments Inc. to"neutral" from "buy," citing the recent performance of its sharescompared with peers.

The analyst noted that the company's stock has outperformed itsagency-only peers year-to-date, with shares closing April 12 at $8.34, a premiumof 4.3% to his most recent price target. CYS Investments shares have generated a20.8% total return, as peers have seen an average of 11.5%. Additionally, Walrodsaid the stock trades at a premium compared with peers on a valuation basis.

Walrod believes that the recent share performance results fromthe company's aggressive share repurchases, noting that CYS Investments bought backa total of 10.6 million shares in 2015, including 3.1 million shares in the fourthquarter. Although management plans to continue aggressive share repurchases, theanalyst said, the increase in valuation may slow the pace of buybacks.

Walrod removed his price target of $8.00. His core EPS estimatesremain at $1.05 for 2016 and $1.00 for 2017.