Wachovia Downgrades Crystal River Capital (CRZ) to Market Perform
More News related to CRZ
- Crystal River Reports Second Quarter 2008 Financial Results
- Crystal River to Announce Second Quarter 2008 Financial Results on August 11, 2008
- Crystal River Capital (CRZ) Cuts Qtr. Dividend from $0.68 to $0.30
- Wachovia Downgrades Crystal River Capital (CRZ) to Market Perform
- Unusual 11 Mid-Day Movers 5/13: IOMI, CSIQ, FSYS, WCI, USNA Higher; NXTM, USS, CRZ, IMB Lower
More News related to Downgrades
- After-Hours Movers 10/07: Stewart Enterprises (STEI) Lower On Dropped Offer, Alcoa (AA) Down On Results
- Trading Radar for 10/08: Costco (COST), Monsanto (MON), Ruby Tuesday (RT), Lindsay Corp. (LNN) Report; Pending Home Sales, Crude Inventories Due
- Unusual 11 Mid-Day Movers 10/07: GGC, AMD, SWY, GG Higher; GGP, RBS, ARTW, ASCA Lower
- Notable Analyst Rating Changes 10/07: NOK, ALU, FCX, TU Upgraded; FSLR, SPWR, DIS, IBM, FRX Downgraded
- Notable Mergers and Acquisitions of the Day 10/07: WB/C/WFC, MTW, PIII
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."
Related Categories
DowngradesStocks Mentioned
-0.23Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
