Barclays Maintains an 'Overweight' on Apollo Commercial Real Estate (ARI); Investment Activity Progresses, Funding Sources in Question
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Price: $6.93 -0.14%
Rating Summary:
3 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Apollo Commercial Real Estate Finance (NYSE: ARI) price target raised $1 to $14.00.
Barclays analyst says, "Key Takeaway: Since the end of the second quarter, ARI has invested $80 million of equity capital in subordinated/mezzanine debt at double-digit returns. Pro forma ARI's investment activity quarter-to-date, the company is essentially fully invested. ARI's focus will turn to recycling out of some its short-term CMBS investments ($84m of invested equity capital, 1.3 year average life) in favor of mezzanine loans with longer duration and unlevered yields in the low to mid double digits. We think the recent capital markets dislocation may be beneficial for ARI's investment prospects, but capital availability remains an overhang."
Barclays lowers FY11 EPS estimate from $1.42 tol $1.37, but raises FY12 from $1.50 to $1.66.
For an analyst ratings summary and ratings history on Apollo Commercial Real Estate Finance click here. For more ratings news on Apollo Commercial Real Estate Finance click here.
Shares of Apollo Commercial Real Estate Finance closed at $13.97 yesterday.
Barclays analyst says, "Key Takeaway: Since the end of the second quarter, ARI has invested $80 million of equity capital in subordinated/mezzanine debt at double-digit returns. Pro forma ARI's investment activity quarter-to-date, the company is essentially fully invested. ARI's focus will turn to recycling out of some its short-term CMBS investments ($84m of invested equity capital, 1.3 year average life) in favor of mezzanine loans with longer duration and unlevered yields in the low to mid double digits. We think the recent capital markets dislocation may be beneficial for ARI's investment prospects, but capital availability remains an overhang."
Barclays lowers FY11 EPS estimate from $1.42 tol $1.37, but raises FY12 from $1.50 to $1.66.
For an analyst ratings summary and ratings history on Apollo Commercial Real Estate Finance click here. For more ratings news on Apollo Commercial Real Estate Finance click here.
Shares of Apollo Commercial Real Estate Finance closed at $13.97 yesterday.
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