UBS Maintains a 'Buy' on Education Realty Trust (EDR); Tweaking NAV & Price Target

UBS maintains a 'Buy' on Education Realty Trust (NYSE: EDR) price target raised from $10 to $12.

UBS analyst says, "EDR has been one of the best performing REITs over the last 18 months driven by a growing development pipeline, improved portfolio quality from selling non-core assets, and continued operational execution since CEO Randy Churchey took the helm in Dec-2009. Currently trading at 27.1x ’12 AFFO EDR no longer screens ‘cheap’, but nor should it as the company has now transitioned from a ‘turnaround’ to a ‘growth’ story. Further, with the stock price now inline with NAV, we believe a modest NAV premium will be warranted as management continues to execute...We are modestly increasing our current NAV estimate to $9.60 (from $9.25) and now assume $400mn of development through 2015."

For an analyst ratings summary and ratings history on Education Realty Trust click here. For more ratings news on Education Realty Trust click here.

Shares of Education Realty Trust closed at $10.66 yesterday.

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