Imperial Capital Starts Newcastle Investment (NCT) at In-Line
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Imperial Capital initiates coverage on Newcastle Investment (NYSE: NCT) with a In-Line rating and a price target of $4.50.
Analyst George Kelly commented, "We are initiating coverage of NCT shares with an In-Line rating and a one-year price target of $4.50, consistent with the recent share price. Newcastle is a REIT that owns a large debt portfolio and a golf business with a portfolio of owned and leased courses. The company is also developing a golf entertainment concept called Drive Shack that will compete with market leader Topgolf. We are most focused on NCT’s golf business, and while we view the portfolio as fairly valued, we believe there could be opportunity as Drive Shack scales. We await more visibility on the concept and financial profile before we would become more positive on the shares."
Shares of Newcastle Investment closed at $4.54 yesterday.
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