UPDATE: Stifel Upgrades Cousins Properties (CUZ) to Hold
- Wall Street dips on Trump protectionism, Qualcomm drag
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- After-Hours Stock Movers 1/23: (REXX) (MRCY) (SYNC) Higher; (FSM) (OCUL) (CASC) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Updated - October 18, 2016 8:51 AM EDT)
Stifel upgraded Cousins Properties (NYSE: CUZ) from Sell to Hold with a price target of $8 (prior $9.50). Analyst John W. Guinee thinks the stock valuation is appropriate.
"Post merger/spin we expected Cousins to trade at roughly a 6.0%-6.5% implied cap rate. By our estimates, Cousins Properties is now trading at a 6.2% implied cap rate. Hence, our upgrade to Hold from Sell," said Guinee. "We do remain concerned that clarity will be lacking as 1) the 3Q16 and 4Q16 reported numbers are likely to be very messy, 2) post spin balance sheets may not be presented until 4Q16 earnings are reported in early 2017, 3) we do not expect 2017 FFO guidance immediately, 4) we do not expect any dividend information until a later date, 5) possible tax issues for low basis, taxable shareholders have not been quantified."
Shares of Cousins Properties closed at $7.91 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Upgrades Piedmont Office Realty Trust (PDM) to Hold
- Preferred Bank (PFBC) PT Raised to $65 at FBR Capital Following 4Q EPS Beat
- UPDATE: BMO Capital Upgrades Williams Partners LP (WPZ) to Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Related EntitiesStifel, Earnings, Definitive Agreement
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!