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Set Up E-mail Alerts For New Coverage » RSS Feed For New Coverage »Sidoti initiates coverage on Encore Wire (Nasdaq: WIRE) with a Neutral rating.
Encore Wire Corporation manufactures copper electrical building wire and cable in the United States.
Longbow Research initiates coverage on Air Methods (Nasdaq: AIRM) with a Buy rating.
Air Methods Corporation and its subsidiaries provide air medical emergency transport services and systems in the United States.
Banc of America initiates coverage on DST Systems (NYSE: DST) with a Buy rating.
DST Systems, Inc., through its subsidiaries, provides information processing and software services and products in the United States and internationally.
Wachovia initiates coverage on Healthcare Realty Trust (NYSE: HR) with an Outperform rating and a $26 to $28 valuation range.
The firm said, "Though HR trades at a premium using P/FFO multiples, it remains in line compared to peers using P/NAV. We believe the company's proven development track record and sizable current pipeline of $260mm will provide a channel for strong returns and growth potential into 2009-10. This contrasts to its non-development oriented peers that could be weighed down by acquisitions of 'richly' valued MOB assets."
The firm also highlighted that HR has development expertise and "remains one of only a few public Healthcare REITs with the experience and track record to undertake large scale development projects ($500mm in developed assets over the past 15 years)." Development usually yields 9-10% which compares favorably to 7-8% acquisition yields. This causes the firm to believe HR should be able to deliver stronger earnings growth and sizable NAV upside via value creation.
The company also maintains strong ties with large healthcare systems (e.g. Baylor Healthcare System, HealthSouth, HCA, etc.), "providing for potential built-to-suit opportunities and improved channel for development lease-up." Also, the company has exposure to high population growth areas (TX, FL, & CA), which should boost future tenant demand needs.
Healthcare Realty Trust Incorporated, a real estate investment trust, engages in the ownership, acquisition, management, and development of real estate properties associated with the delivery of healthcare services in the United States.
Banc of America initiates coverage on Paychex (Nasdaq: PAYX) with a Buy rating.
Paychex, Inc. provides payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States.
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