Wells Fargo Upgrades American Assets Trust (AAT) to Outperform; NAV Discount Appears Compelling
Tweet
Share
E-mailGet Alerts AAT Hot Sheet
Price: $22.55 -0.97%
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Join SI Premium – FREE
Wells Fargo upgraded American Assets Trust (NYSE: AAT) from Market
Perform to Outperform, price target range $23-25 from $19-21.
Wells analyst said, "We like the steady performance that AAT has shown since its IPO, but we believe it will need to show more evidence of organic growth in its portfolio before investors get excited about the story. Yet, for the patient investor we view AAT as a solid opportunity with a sizable discount to NAV, strong core markets (west coast and Hawaii), and a high quality portfolio. There are other names in our coverage group that trade at discounts to NAV, but we believe most have lower quality portfolios or exposure to markets with weak fundamentals--this isn't the case with AAT."
"Our 2012E FFO is down $0.08/share to $1.16--the reduction is mainly attributable to lower acquisitions; our 2013E FFO is $1.23/share."
For an analyst ratings summary and ratings history on American Assets Trust click here. For more ratings news on American Assets Trust click here.
Shares of American Assets Trust closed at $21.65 yesterday.
Perform to Outperform, price target range $23-25 from $19-21.
Wells analyst said, "We like the steady performance that AAT has shown since its IPO, but we believe it will need to show more evidence of organic growth in its portfolio before investors get excited about the story. Yet, for the patient investor we view AAT as a solid opportunity with a sizable discount to NAV, strong core markets (west coast and Hawaii), and a high quality portfolio. There are other names in our coverage group that trade at discounts to NAV, but we believe most have lower quality portfolios or exposure to markets with weak fundamentals--this isn't the case with AAT."
"Our 2012E FFO is down $0.08/share to $1.16--the reduction is mainly attributable to lower acquisitions; our 2013E FFO is $1.23/share."
For an analyst ratings summary and ratings history on American Assets Trust click here. For more ratings news on American Assets Trust click here.
Shares of American Assets Trust closed at $21.65 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Northland Upgrades Astera Labs (ALAB) to Outperform, 'Right Time, Customers, and Products'
- Wells Fargo Upgrades FOX Corp. (FOXA) to Overweight
- Keefe, Bruyette & Woods Upgrades Nayax (NYAX) to Outperform
Create E-mail Alert Related Categories
Analyst EPS Change, UpgradesRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
