Mizuho Securities Starts VEREIT (VER) at Neutral
- Wall Street ends down as Trump focuses on trade
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- Qualcomm (QCOM) Thrashed as Apple (AAPL) Lawsuit Threatens Licensing Business Model
- McDonald's (MCD) Tops Q4 EPS by 3c
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Mizuho Securities initiates coverage on VEREIT (NYSE: VER) with a Neutral rating and a price target of $9.50.
Analyst Haendel St. Juste commented, "We are initiating coverage of VEREIT, Inc. (VER) with a Neutral rating and a $9.5 price target as we believe the company’s valuation fairly reflects its risk-adjusted near-term prospects. VER’s new management team has undeniably improved the company (balance sheet, portfolio and investor confidence / perception) in just over one year of being in place and continues to effectively manage the company on its road to redemption. However, this improvement process (portfolio and balance sheet, in particular) has come at the cost of earnings growth. Given VER’s lower near-term earnings growth and higher risk profile (litigation risk, higher leverage), we believe the stock warrants a discounted valuation. We also see uncertainty over the future of VER’s Cole Capital unit, with implications to VER’s asset value and valuation. That said, we believe these issues should be resolved by YE2017, suggesting a potential re-rating may be in the not-too-distant horizon."
Shares of VEREIT closed at $9.61 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- General Electric (GE) PT Lowered to $35 at UBS Following 4Q Report
- Cynosure (CYNO) Could Fetch $60+ Per Share In Sale - Northland Capital
- Preferred Bank (PFBC) PT Raised to $65 at FBR Capital Following 4Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!