Goldman Sachs Starts Columbia Property Trust (CXP) at Sell

Goldman Sachs initiated coverage on Columbia Property Trust (NYSE: CXP) with a Sell rating and a price target of $22.00.

Analyst Brad Burke said, "We initiate coverage on CXP with a Sell rating within the context of our Attractive office coverage view. Our $22, 12-month price target offers 10.9% downside (-6% total return) in contrast to the average 11.2% upside for the rest of our coverage (on 9/17 close). A dilutive portfolio transition and lease expirations drive our Street-low FFO estimates. Exposure to soft suburban and second-tier CBD office markets (Cleveland, Baltimore, Newark) would further appear to limit upside. We acknowledge a low valuation on NAV/2014E FFO multiples, but note CXP looks expensive on 2016E after two years of little to no FFO growth."

For an analyst ratings summary and ratings history on Columbia Property Trust click here. For more ratings news on Columbia Property Trust click here.

Shares of Columbia Property Trust closed at $24.92 yesterday.

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