Citi Downgrades American Campus Communities (ACC) to Sell
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Citi downgrades American Campus Communities (NYSE: ACC) from Hold to Sell. Price target lowered from $28 to $23.
Citi analyst says, "We are downgrading American Campus to Sell as the overhang from high leverage of ~60% debt to gross asset value pro forma the purchase of GMH should weigh on the stock until the debt overhang is addressed. Mgmt is targeting asset sales to reduce leverage, but we expect an equity issuance is likely. ACC's operating results have been strong and we expect it continue to be, but valuation is rich at a 6.5% implied cap rate."
American Campus Communities, Inc. is a fully integrated, self-managed and self-administered equity real estate investment trust with specialties in the acquisition, design, financing, development, construction management, leasing and management of student housing properties in the United States.
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