Deutsche Bank Downgrades CBRE Realty Finance (CBF) to Hold
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Deutsche Bank downgrades CBRE Realty Finance (NYSE: CBF) from Buy to Hold and slashes the stock's price target by nearly 70% from $8 to $2.50.
The firm cites "credit deterioration within CBRE's loan portfolio" and expectations that the company "will not pay dividends in 2H08 or 2009" as it attempts to preserve liquidity. Deutsche also points out that CBRE's Q2 results were below the firm's estimates.
Deutsche's new price target on CBRE is based on applying an 80% discount to Q2 book value, given 1. deterioration in commercial real estate debt markets, 2. a reduction in the firm's forward estimates and 3. a reduction in book value multiples for other companies in the commercial finance space.
CBRE Realty Finance, Inc., through its subsidiaries, operates as a commercial real estate specialty finance company that focuses on originating and acquiring whole loans, bridge loans, and subordinate interests in whole loans, or B Notes, commercial mortgage-backed securities, or CMBS and mezzanine loans, primarily in the United States. I
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