Wachovia Downgrades Crystal River Capital (CRZ) to Market Perform
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Wachovia downgrades Crystal River Capital (NYSE: CRZ) from Outperform to Market Perform and lowers their 2008 and 2009 EPS estimates from $2.95 to $2.65 and from $2.89 to $2.82.
The firm said, "At this time, uncertainty regarding the near-term strategic outlook compels us to downgrade our investment rating to Market Perform. We believe that CRZ will continue to pay a quarterly dividend, but probably at a level of $0.40-0.50 per share. The dividend would ultimately be set by the board of directors. At the time of the dividend announcement, we are hopeful that the company can also provide a business model update. Given our view that Crystal River will remain a going concern, we note that even the lower dividend represents a very high cost of capital for the company."
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