JBG SMITH Properties (JBGS) PT Raised to $22 at Evercore ISI

Evercore ISI analyst Steve Sakwa raised the price target on JBG SMITH Properties (NYSE: JBGS) to $22.00 (from $19.00) while maintaining a Underperform rating.

The analyst comments "Given that JBGS seems to be valued more on NAV and less as a ‘going concern’ where AFFO and DCF values matter, we’ve tweaked our price target calculation to give more weight to our forward NAV (now 70%) and less weight to AFFO and DCF (now 30% combined). As a result of some modest changes to our NAV (see Figure 1), our price target rises from $19 to $22 but with the stock trading over $23 a share, we believe the company will be less aggressive repurchasing its own stock via asset sales, so we are maintaining our Underperform rating but certainly acknowledge that the stock has performed much better than expected despite the slow leasing and drop in FFO estimates."

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