FBR Capital Upgrades NorthStar Realty Finance (NRF) to Outperform
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FBR Capital upgraded NorthStar Realty Finance (NYSE: NRF) from Market Perform to Outperform with a price target of $15.50 (from $15.00).
Analyst Jessica Levi-Ribner commented, "We are upgrading shares of Northstar Realty Finance (NRF) to Outperform from Market Perform and raising our price targets for both NRF and Northstar Asset Management (NSAM) to $16 (from $12.75) and $15.50 (from $15), respectively, based on our belief that the Colony Northstar merger is likely to be approved following this week's amendments to the merger agreement. The amended terms to the merger agreement significantly improve corporate governance of Colony NorthStar and provide for an increased special dividend to NSAM shareholders, clearing up the main issue that NSAM shareholders had with the original terms. In response to these amendments, MSD —NSAM's largest shareholder with 10.2% ownership—is now going to vote for the deal after previously opposing it, which adds to our belief that the merger will attain shareholder approval and is on track to close in early 2017. We continue to argue that the tri-party merger is in the best interest of the companies as the sum of the three companies could be worth much more than the parts, especially if management's plan is executed successfully. We view shares of Colony Capital (CLNY), NRF, and NSAM as attractively valued and offer strong potential total returns at these levels."
Shares of NorthStar Realty Finance closed at $14.22 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesColony Capital LLC, Definitive Agreement
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