BTIG Downgrades Monogram Residential Trust (MORE) to Neutral
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BTIG downgraded Monogram Residential Trust (NYSE: MORE) from Buy to Neutral.
Analyst Jim Sullivan said, "Monogram reported a 3Q16 result of $0.10 in line with our estimate and the Street, but did so on positive variances on lower quality line items; SSNOI only rose 0.3%. Monogram reduced its FY SSNOI guide to a mid-point of 3.25%, the lowest in our Apartment REIT coverage. Also, Monogram reduced estimated dev’t yields on its pipeline projects by an average of 20 bps. These revisions go the heart of the Buy case on this stock."
Shares of Monogram Residential Trust closed at $10.42 yesterday.
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