FBR Capital Riterates an 'Outperform' on BioMed Realty (BMR); Unsecured Offering Dilutes, but Leasing News Is Encouraging
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Price: $5.62 +0.18%
Rating Summary:
6 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
6 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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FBR Capital reiterates an 'Outperform' on BioMed Realty (NYSE: BMR), PT increased $2 to $21.
FBR analyst says, "Our increased price target is primarily a function of our increased NAV per share estimate of $19.00, which is due to a 30-bp applied cap rate reduction, as well as slightly increased fundamental assumptions. Due to recent leasing news at the Center for Life Sciences and our opinion that Illumina is unlikely to terminate its lease in San Diego despite its move-out, we have become slightly more optimistic on BioMed's overall revenue levels for 2011–2012. Our 2011 FFO per share estimate of $1.15 remains on the lower end of BioMed's FFO guidance range of $1.15–$1.25."
For more ratings news on BioMed Realty click here and for the rating history of BioMed Realty click here.
Shares of BioMed Realty closed at $18.67 yesterday.
FBR analyst says, "Our increased price target is primarily a function of our increased NAV per share estimate of $19.00, which is due to a 30-bp applied cap rate reduction, as well as slightly increased fundamental assumptions. Due to recent leasing news at the Center for Life Sciences and our opinion that Illumina is unlikely to terminate its lease in San Diego despite its move-out, we have become slightly more optimistic on BioMed's overall revenue levels for 2011–2012. Our 2011 FFO per share estimate of $1.15 remains on the lower end of BioMed's FFO guidance range of $1.15–$1.25."
For more ratings news on BioMed Realty click here and for the rating history of BioMed Realty click here.
Shares of BioMed Realty closed at $18.67 yesterday.
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