Barclays Q2 Review on Campus Crest Communities (CCG): Adjusting Numbers, But Developments Remain on Track
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Price: $11.72 -3.14%
Rating Summary:
5 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
5 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade CCG Now!
Barclays maintains an 'Equalweight' on Campus Crest Communities (NYSE: CCG) price target of $13.00.
Analyst, Ross L. Smotrich, noted that Campus Crest's Q2 results were in-line with expectations.
Smotrich said, "CCG trades at an 8.0% implied nominal cap rate, versus American Campus Communities (NYSE: ACC) at 5.2% and Education Realty Trust (NYSE: EDR) at 6.6%. In our view, this discount is the result of the company's reliance on forward equity issuance to fund expansion and at the same time maintain targeted leverage levels, its portfolio characteristics, and its relatively high G&A load. As the company grows, we think that these risks will dissipate somewhat."
Barclays lowers FY12 EPS estimate from $0.77 to $0.74 and FY13 from $0.90 to $0.87.
For an analyst ratings summary and ratings history on Campus Crest Communities click here. For more ratings news on Campus Crest Communities click here.
Shares of Campus Crest Communities closed at $10.66 yesterday, with a 52 week range of $8.71-$12.47.
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Analyst, Ross L. Smotrich, noted that Campus Crest's Q2 results were in-line with expectations.
Smotrich said, "CCG trades at an 8.0% implied nominal cap rate, versus American Campus Communities (NYSE: ACC) at 5.2% and Education Realty Trust (NYSE: EDR) at 6.6%. In our view, this discount is the result of the company's reliance on forward equity issuance to fund expansion and at the same time maintain targeted leverage levels, its portfolio characteristics, and its relatively high G&A load. As the company grows, we think that these risks will dissipate somewhat."
Barclays lowers FY12 EPS estimate from $0.77 to $0.74 and FY13 from $0.90 to $0.87.
For an analyst ratings summary and ratings history on Campus Crest Communities click here. For more ratings news on Campus Crest Communities click here.
Shares of Campus Crest Communities closed at $10.66 yesterday, with a 52 week range of $8.71-$12.47.
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*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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