Barrington Research Starts RealPage (RP) at Outperform, Shares Fall Over 3% From Opening
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Price: $88.72 --0%
Rating Summary:
10 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
10 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barrington Research initiated coverage on shares of RealPage Inc. (Nasdaq: RP) today with an Outperform rating and $32 price target. Shares of RealPage are trading down $0.10 or 0.38 percent currently after opening up 3 percent or $1.00 higher than they closed on yesterday December 20th.
Due to tighter lending standards, 8 million homeowners in default, constrained new construction supply, and 80 million citizens from generation Y entering prime renting years, the firm highlights overall rental occupancy rates and rent dollars are increasing from recession lows. At the end of September, about 33 percent of total households were made up of renters.
Barrington comments RealPages competition is not that strong and one of its only major competitors its Yardi Systems as it is the only other company within the market with broad residential rental property suites. The firm notes that many of the smaller company appear to be attractive acquisitions.
The firm forecasts RP’s organic revenue of 20-30 percent should continue while additional acquisitions may increase sales growth another 10 percent plus.
For FY11, the firm is forecasting EPS of $0.35 on $261.4 million in sales. Barrington Research is estimating EPS of $0.50 on $330.5 million in sales.
Due to tighter lending standards, 8 million homeowners in default, constrained new construction supply, and 80 million citizens from generation Y entering prime renting years, the firm highlights overall rental occupancy rates and rent dollars are increasing from recession lows. At the end of September, about 33 percent of total households were made up of renters.
Barrington comments RealPages competition is not that strong and one of its only major competitors its Yardi Systems as it is the only other company within the market with broad residential rental property suites. The firm notes that many of the smaller company appear to be attractive acquisitions.
The firm forecasts RP’s organic revenue of 20-30 percent should continue while additional acquisitions may increase sales growth another 10 percent plus.
For FY11, the firm is forecasting EPS of $0.35 on $261.4 million in sales. Barrington Research is estimating EPS of $0.50 on $330.5 million in sales.
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