Jefferies Downgrades CoreSite Realty (COR) to Hold

October 22, 2013 6:57 AM EDT Send to a Friend
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Price: $47.68 --0%

Rating Summary:
    6 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 10 | New: 10
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Jefferies downgraded CoreSite Realty (NYSE: COR) from Buy to Hold with a price target of $36.00 (from $38.00).

"Despite solid leasing expectations for 3Q13, a "bleeding" of pricing between colocation and wholesale could negatively impact colo pricing," analyst Omotayo Okusanya said. "Additionally, oncoming sublease space and development in NoCal and NoVA, could impact wholesale pricing. The sector also continues to experience a longer lease-to-commence cycle."

The firm cut Q3 FFO from $0.47 to $0.46, FY 2013 FFO from $1.85 to $1.82 and FY 2014 FFO from $2.17 to $2.13.

For an analyst ratings summary and ratings history on CoreSite Realty click here. For more ratings news on CoreSite Realty click here.

Shares of CoreSite Realty closed at $34.37 yesterday.

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