REITS - Downgrades on Valuation:
* SLG: To Hold from Buy, PT $50. 13% gain in Dec. rallied
stock above our $50 PT. However, NYC office fundamentals appear to
be bottoming and should improve during 2010.
* MAC: To Hold from Buy, PT $35. Simon-GGP deal helped MAC
outperform in Dec. rallying 20% during the month. Given the stock
is trading $.95 above our PT, we see limited upside or downside.
* CPT: To Sell from Hold. Stock gained 13% in the past 2 ½
weeks and outperformed the apartment REIT sector by 600bp and REIT
index by 1,000bp.
* DLR: Raising '10 FFO by $.10 to $3.35/share and PT
increases $1 from $54 to $55. DLR entered into an agreement to
purchase three data centers (550,000sf) for $375mn, which
translates into a 10.7% cap rate. DLR also announced a $400mn ATM
equity offering program.
So I went and looked at the component list for the $DJUSRE
and I didn't fine any of those you listed in the top
10. That index was indeed down for the day. I guess the
down grades set the tone for all the REITS in the index...
cheers.
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SRS Up?
Posted by hillsyde on 4th of Jan 2010 at 03:49 pm
What is up with that? Accumulated all day long. Maybe portends something not in the public domain............ YET, watch your back......
Couple Large REITs downgraded today over at ISI Research
Posted by jdaswani on 4th of Jan 2010 at 04:11 pm
Out of ISI this morning.
REITS - Downgrades on Valuation:
* SLG: To Hold from Buy, PT $50. 13% gain in Dec. rallied stock above our $50 PT. However, NYC office fundamentals appear to be bottoming and should improve during 2010.
* MAC: To Hold from Buy, PT $35. Simon-GGP deal helped MAC outperform in Dec. rallying 20% during the month. Given the stock is trading $.95 above our PT, we see limited upside or downside.
* CPT: To Sell from Hold. Stock gained 13% in the past 2 ½ weeks and outperformed the apartment REIT sector by 600bp and REIT index by 1,000bp.
* DLR: Raising '10 FFO by $.10 to $3.35/share and PT increases $1 from $54 to $55. DLR entered into an agreement to purchase three data centers (550,000sf) for $375mn, which translates into a 10.7% cap rate. DLR also announced a $400mn ATM equity offering program.
Thanks for the info
Posted by hillsyde on 4th of Jan 2010 at 04:47 pm
So I went and looked at the component list for the $DJUSRE and I didn't fine any of those you listed in the top 10. That index was indeed down for the day. I guess the down grades set the tone for all the REITS in the index... cheers.