FBR Capital Reiterates an 'Outperform' on Parkway Properties (PKY); Eola Transaction Complete, Revising Estimates

FBR Capital reiterates an 'Outperform' on Parkway Properties (NYSE: PKY), PT $20.

FBR analyst says, "We reiterate our rating and price target on shares of Parkway�following the release of 1Q11 results, the completion of the Eola
Capital transaction, and a subsequent update of our earnings and valuation model. We maintain our investment thesis surrounding the need for de-levering of the balance sheet and our belief that fundamentals in Parkway's markets will remain weak through 2012. The company has made large strides recently by way of the acquisition of Eola Capital's asset management business, as well as the long-awaited disposition of 233 North Michigan. In light of these events, we are lowering our applied discount to NAV as is used in the computation of our price target to 5% from 10%."

"We are revising our 2011, 2012, and 2013 FFO per share estimates to $1.89, $2.34, and $2.36 from $2.36, $2.48, and $2.51, respectively. We are also introducing our 2014 FFO per share estimate of $2.48."

For more ratings news on Parkway Properties click here and for the rating history of Parkway Properties click here.

Shares of Parkway Properties closed at $17.56 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Piper Sandler Reiterates Overweight Rating on KKR (KKR), 'highest conviction name'
• Optimum Communications gets NYSE non-compliance notice over stock price