Mizuho Securities Upgrades American Assets Trust (AAT) to Buy
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Mizuho Securities upgraded American Assets Trust (NYSE: AAT) from Neutral to Buy with a price target of $43.00.
Analyst Haendel St. Juste commented, "We are upgrading AAT to Buy from Neutral with a $43 price target based on a 10% discount to our $48 NAV. We have long been ans of the AAT story – a high quality, West Coast / Hawaii owner and operator of retail, office and apartment assets trading at a discount to peers, despite a stronger n/t earnings growth profile and supported by a liquid, flexible b/s. AAT has multiple levers of growth, particularly a sizeable re/ development pipeline (~$250M total with yields ranging from 6 – 8%), which has been a key underpinning of management’s 7% cash NOI CAGR from 2011 through YE2017, which implies high single-digit / low double digit FFO/sh growth"
Shares of American Assets Trust closed at $38.41 yesterday.
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