Compass Point Reiterates a 'Neutral' on AvalonBay Communities (AVB); Becoming More Attractive
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Price: $141.46 --0%
Rating Summary:
9 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 26 | New: 12
Rating Summary:
9 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 26 | New: 12
Trade AVB Now!
Compass Point reiterates a 'Neutral' on AvalonBay Communities (NYSE: AVB) price target raised from $141 to $144.50.
Analykst, Wilkes Graham, said, "We continue to view AVB's high quality portfolio as the strongest in the industry, and while we believe the stock has limited upside and is fairly valued at current price levels with an implied 5.12% cap rate, the stock is becoming increasingly attractive. Our $144.50 price target assumes a 5.0% cap rate on 2012 NOI, $12 of PV of the development pipeline, and a 20% premium to our $120.06, which results in 6% upside from current levels including the dividend."
"Based on the 1Q12 beat, our NOI assumptions, and continued assumptions for development starts of $250 million/quarter at 150 bps spreads, we are slightly adjusting our FFO estimates to $5.40 from $5.39 for 2012 and to $6.16 from $6.20 for 2013."
For an analyst ratings summary and ratings history on AvalonBay Communities click here. For more ratings news on AvalonBay Communities click here.
Shares of AvalonBay Communities closed at $142.03 yesterday, with a 52 week range of $107.54-$148.62.
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Analykst, Wilkes Graham, said, "We continue to view AVB's high quality portfolio as the strongest in the industry, and while we believe the stock has limited upside and is fairly valued at current price levels with an implied 5.12% cap rate, the stock is becoming increasingly attractive. Our $144.50 price target assumes a 5.0% cap rate on 2012 NOI, $12 of PV of the development pipeline, and a 20% premium to our $120.06, which results in 6% upside from current levels including the dividend."
"Based on the 1Q12 beat, our NOI assumptions, and continued assumptions for development starts of $250 million/quarter at 150 bps spreads, we are slightly adjusting our FFO estimates to $5.40 from $5.39 for 2012 and to $6.16 from $6.20 for 2013."
For an analyst ratings summary and ratings history on AvalonBay Communities click here. For more ratings news on AvalonBay Communities click here.
Shares of AvalonBay Communities closed at $142.03 yesterday, with a 52 week range of $107.54-$148.62.
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