Gramercy Property Trust (GPT) Price Target Lifted at Compass Point on Growth

December 31, 2013 6:54 AM EST
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Price: $9.18 --0%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 13
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Compass Point analyst Wilkes Graham reiterated a Buy rating and raised his price target on Gramercy Property Trust (NYSE: GPT) from $6.50 to $7.50 as growth materializes.

"We made several adjustments to our model to incorporate GPT's 4Q13 acquisition announcements, the renewal of its asset management agreement, and additional details from the 10-Q, which was filed subsequent to our last note," Graham notes. "We are also shifting GPT's comparable universe to all Small Cap REITs from solely Triple Net REITs, which lowers our expected dividend yield but also lowers our 2015 AFFO multiple. GPT continues to demonstrate that it can source and complete accretive acquisitions and we expect rapid NAV growth in 2014 and 2015."

The firm is decreasing 2013 AFFO estimate to $0.05 from $0.07 and increasing 2014 and 2015 AFFO estimates to $0.36 and $0.48 from $0.25 and $0.47, respectively.

For an analyst ratings summary and ratings history on Gramercy Property Trust click here. For more ratings news on Gramercy Property Trust click here.

Shares of Gramercy Property Trust closed at $5.76 yesterday.

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