FBR Capital Reiterates an 'Outperform' on Colony Financial (CLNY); Get 'Em While They're Hot; Shares Seem Cheap
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Price: $8.50 --0%
Rating Summary:
7 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
Rating Summary:
7 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
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FBR Capital reiterates an 'Outperform' on Colony Financial, Inc. (NYSE: CLNY), PT $24.
FBR analyst says, "We reiterate our rating and�price target on CLNY shares following the company's secondary equity offering. While the deal resulted in book�value dilution relative to 4Q10 metrics, we believe that the potential for a material increase in the forward earnings run-rate makes shares extremely attractive at current levels. We expect management to make relatively quick work of the new proceeds by allocating capital over the next two quarters. The company, along with the external manager, noted a rapidly growing pipeline now in excess of $3.5B (of which $1.0B is in Europe). The targeted blended unlevered yield on these opportunities is estimated to be roughly 13%. Based on our assumptions, we conservatively believe that a dividend of $0.40 is achievable by 4Q11."
For more ratings news on Colony Financial, Inc. click here and for the rating history of Colony Financial, Inc. click here.
Shares of Colony Financial, Inc. closed at $18.35 yesterday.
FBR analyst says, "We reiterate our rating and�price target on CLNY shares following the company's secondary equity offering. While the deal resulted in book�value dilution relative to 4Q10 metrics, we believe that the potential for a material increase in the forward earnings run-rate makes shares extremely attractive at current levels. We expect management to make relatively quick work of the new proceeds by allocating capital over the next two quarters. The company, along with the external manager, noted a rapidly growing pipeline now in excess of $3.5B (of which $1.0B is in Europe). The targeted blended unlevered yield on these opportunities is estimated to be roughly 13%. Based on our assumptions, we conservatively believe that a dividend of $0.40 is achievable by 4Q11."
For more ratings news on Colony Financial, Inc. click here and for the rating history of Colony Financial, Inc. click here.
Shares of Colony Financial, Inc. closed at $18.35 yesterday.
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