Barclays Takes Turn With REITs: Upgrades EQR, Downgrades MAC, EXL & ARI
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Price: $61.24 -2.17%
Rating Summary:
8 Buy, 5 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
8 Buy, 5 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade HME Now!
REITs have been in the headlines the past few weeks as brokerage firms adjust ratings going into 2012.
In the past month, JPMorgan and KeyBanc downgraded a dozen REITs in Diversified, Industrial and Apartments. To see the report Click Here.
A few days ago, Compass Point initiated coverage on several REITs with Neutral ratings. Home Properties (NYSE: HME) was the only stock started at
'Buy'.
Also, Miller Tabak upgraded three Three Residential REIT Stocks; downgraded an Office REIT
Then, today, Barclays analyst, Ross L. Smotrich, made ratings changes...looking at the year ahead.
Smotrich said,"...Our highest conviction is on the apartment upgrade: we think that investor concerns around rent growth are overstated and that relative valuations are more attractive than they have been in years. In that vein, we are upgrading the largest apartment company, Equity Residential (NYSE: EQR), to a 1-OW rating from 2-EW and reiterating 1-OW ratings on Camden Property Trust (NYSE: CPT) and Essex (NYSE: ESS). We are also downgrading three REITs to 2-EW from 1-OW - Macerich (NYSE: MAC), Excel Trust (NYSE: EXL), and Apollo Commercial (NYSE: ARI) - to balance our growth expectations with current valuation levels."
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In the past month, JPMorgan and KeyBanc downgraded a dozen REITs in Diversified, Industrial and Apartments. To see the report Click Here.
A few days ago, Compass Point initiated coverage on several REITs with Neutral ratings. Home Properties (NYSE: HME) was the only stock started at
'Buy'.
Also, Miller Tabak upgraded three Three Residential REIT Stocks; downgraded an Office REIT
Then, today, Barclays analyst, Ross L. Smotrich, made ratings changes...looking at the year ahead.
Smotrich said,"...Our highest conviction is on the apartment upgrade: we think that investor concerns around rent growth are overstated and that relative valuations are more attractive than they have been in years. In that vein, we are upgrading the largest apartment company, Equity Residential (NYSE: EQR), to a 1-OW rating from 2-EW and reiterating 1-OW ratings on Camden Property Trust (NYSE: CPT) and Essex (NYSE: ESS). We are also downgrading three REITs to 2-EW from 1-OW - Macerich (NYSE: MAC), Excel Trust (NYSE: EXL), and Apollo Commercial (NYSE: ARI) - to balance our growth expectations with current valuation levels."
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JPMorgan, KeyBanc, Barclays
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