Barclays Maintains an 'Underweight' on Colonial Properties Trust (CLP); Adjusting Estimates on JV Exit

August 30, 2012 2:26 PM EDT
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Price: $22.37 --0%

Rating Summary:
    2 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Barclays maintains an 'Underweight' on Colonial Properties Trust (NYSE: CLP) price target of $23.00 (from $24.00).

Analyst, Ross L. Smotrich, said, "Colonial continues to recycle capital out of office and retail properties into higher quality apartment assets...While multifamily fundamentals are strong in CLP's Sunbelt markets, capital recycling and deleveraging are likely to continue to be an overhang on equity valuations."

Citing the disposal of remaining assets in its DRA/CLP joint venture, Barclays lowers FY12 FFO from $1.25 to $1.23 and FY13 from $1.37 to $1.35.

For an analyst ratings summary and ratings history on Colonial Properties Trust click here. For more ratings news on Colonial Properties Trust click here.

Shares of Colonial Properties Trust closed at $22.19 yesterday.

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