Compass Point maintains Buy Following Bluerock Residential Growth REIT (BRG) Equity Raise

Compass Point maintains a Buy rating and $15.50 price target on Bluerock Residential Growth REIT (NYSE: BRG) following the company's recent equity raise. On May 19, BRG raised $82.2M in gross proceeds, or $77.5M net, via the issuance of 6.3M shares at $13.00 per share.

Analyst Wilkes Graham commented, "We reiterate our Buy rating and $15.50 price target on shares of BRG following a full model update from the Company's recent equity raise. Following the company's $77.5M net common equity raise on 5/20 (the shoe was exercised on 5/22), we are publishing our updated model to account for the transaction and the resulting changes to our assumptions. In total, given that our previous model already included an equity raise occurring in late 2Q15, our new AFFO estimates and NAV are not materially different than our most recently published estimates."

For an analyst ratings summary and ratings history on Bluerock Residential Growth REIT click here. For more ratings news on Bluerock Residential Growth REIT click here.

Shares of Bluerock Residential Growth REIT closed at $13.65 yesterday.

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• Jefferies Downgrades Enphase Energy (ENPH) to Hold, 'Still Muddling Through'
• Summit Insights Downgrades Silicon Labs (SLAB) to Hold, 'expect its stock to be an inline performer'