Mizuho Securities Starts DCT Industrial Trust Inc. (DCT) at Neutral
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Mizuho Securities initiates coverage on DCT Industrial Trust Inc. (NYSE: DCT) with a Neutral rating and a price target of $51.00.
Analyst Richard Anderson commented, "Infill story of slightly larger scale versus EGP (average building size is 162ksf), but one that registers as more fully-priced. DCT appears to have earned credit for its well-timed portfolio/balance sheet repositioning effort, which included the exit from Mexico in 2013. We also note that our modeling effort suggested that DCT has the most visible upside to earnings growth relative to current guidance, for which we assign a higher target NAV premium. But even that wasn’t enough to offset the elevated valuation metrics."
Shares of DCT Industrial Trust Inc. closed at $48.91 yesterday.
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