Compass Point Reiterates a 'Buy' on MPG Office Trust (MPG); Raising Estimates After Large Hurdle Behind
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Price: $3.12 --0%
Rating Summary:
0 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
0 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade MPG Now!
Compass Point reiterates a 'Buy' on MPG Office Trust (NYSE: MPG) price target of $4.75.
Analyst, Wilkes Graham, said, "...our thesis on the company is unchanged following yesterday's announced extension of the KPMG loan. While a one-year extension at KPMG Tower is not as positive an event as an outright refinancing, the minimal principal pay down sends a strong signal to the market and the company is now in a stronger position to execute a balance sheet transaction. We are raising our 2013 FFO estimate materially to acccount for (1) the markedly lower interest rate on the extended KPMG loan and (2) the complete removal from the 2013 income statement of all remaining defaulted assets given our expectation that these assets will be resolved by year-end 2012." (FY13 FFO increased from (0.09) to $0.21)
For an analyst ratings summary and ratings history on MPG Office Trust click here. For more ratings news on MPG Office Trust click here.
Shares of MPG Office Trust closed at $2.10 yesterday, with a 52 week range of $1.66-$3.78.
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Analyst, Wilkes Graham, said, "...our thesis on the company is unchanged following yesterday's announced extension of the KPMG loan. While a one-year extension at KPMG Tower is not as positive an event as an outright refinancing, the minimal principal pay down sends a strong signal to the market and the company is now in a stronger position to execute a balance sheet transaction. We are raising our 2013 FFO estimate materially to acccount for (1) the markedly lower interest rate on the extended KPMG loan and (2) the complete removal from the 2013 income statement of all remaining defaulted assets given our expectation that these assets will be resolved by year-end 2012." (FY13 FFO increased from (0.09) to $0.21)
For an analyst ratings summary and ratings history on MPG Office Trust click here. For more ratings news on MPG Office Trust click here.
Shares of MPG Office Trust closed at $2.10 yesterday, with a 52 week range of $1.66-$3.78.
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