Barclays Maintains an 'Equalweight' on Mack-Cali Realty (CLI); Fundamentals Softening
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Price: $24.61 -0.36%
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade CLI Now!
Barclays maintains an 'Equalweight' on Mack-Cali Realty (NYSE: CLI) price target of $31.00 (from $32.00).
Analyst, Ross L. Smotrich, said, "The $0.06 operating FFO beat and $0.02 guidance raise do not appear as positive upon closer examination for three reasons. First, the 2Q beat was driven by lower utilities expenses, which appear unsustainable...Second, our estimate and the consensus were already near the higher end of the updated guidance range ($2.52-$2.62). Finally, fundamentals remain soft, as revenues continue to decline YOY on weaker occupancy and CLI's ability to reduce expenses appears to be getting more challenging."
FY12 FFO raised from $2.60 to $2.62, but FY13 maintained at $2.52
For an analyst ratings summary and ratings history on Mack-Cali Realty click here. For more ratings news on Mack-Cali Realty click here.
Shares of Mack-Cali Realty closed at $26.61 yesterday, with a 52 week range of $23.71-$31.27.
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Analyst, Ross L. Smotrich, said, "The $0.06 operating FFO beat and $0.02 guidance raise do not appear as positive upon closer examination for three reasons. First, the 2Q beat was driven by lower utilities expenses, which appear unsustainable...Second, our estimate and the consensus were already near the higher end of the updated guidance range ($2.52-$2.62). Finally, fundamentals remain soft, as revenues continue to decline YOY on weaker occupancy and CLI's ability to reduce expenses appears to be getting more challenging."
FY12 FFO raised from $2.60 to $2.62, but FY13 maintained at $2.52
For an analyst ratings summary and ratings history on Mack-Cali Realty click here. For more ratings news on Mack-Cali Realty click here.
Shares of Mack-Cali Realty closed at $26.61 yesterday, with a 52 week range of $23.71-$31.27.
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