UPDATE: Stifel Upgrades Cousins Properties (CUZ) to Hold
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. 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
- JPMorgan Raises Rating on CBOE Holdings (CBOE) to 'Overweight'; Analyst Thinks Bats Technology Will Drive Greater Trading Activity
- Dougherty & Co Starts Quality Systems (QSII) at Neutral
- UPDATE: Oppenheimer Starts Shopify (SHOP) at Perform
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!