UPDATE: Stifel Upgrades Cousins Properties (CUZ) to Hold

October 18, 2016 6:36 AM EDT
Get Alerts CUZ Hot Sheet
Price: $7.69 --0%

Rating Summary:
    2 Buy, 5 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 50 | New: 20
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(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."

For an analyst ratings summary and ratings history on Cousins Properties click here. For more ratings news on Cousins Properties click here.

Shares of Cousins Properties closed at $7.91 yesterday.

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