UPDATE - Barclays Initiates Coverage on Campus Crest Communities (CCG) with an Equalweight; Underserved Markets, But Low Barrier of Entry

UPDATE - Barclays initiates coverage on Campus Crest Communities (NYSE: CCG) with an Equalweight. PT $12.00.

Analyst, Ross L. Smotrich, said, "CCG targets smaller colleges than its public peers; as a result it builds in secondary and tertiary markets. These markets typically have relatively little purpose-built student housing and have low-cost land available for development. As such, CCG is able to develop to unlevered yields in the 7.25-8.25% range; in our model we assume it develops to 7.5% yields."

However, Smotrich noted that just because the company focuses on smaller colleges and secondary markets, doesn't mean competitors can or will move in. Also, the company is relatively small vs. peers, so operational missteps could hinder growth.

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