UPDATE - Barclays Initiates Coverage on Newcastle Investment (NCT) with a Overweight; Going Out To Play Offense

UPDATE - Barclays initiates coverage on Newcastle Investment (NYSE: NCT) with an Overweight. PT $8.00.

Analyst, Ross L. Smotrich, said, "Newcastle is currently trading at 4x 2012 estimated AEPS (versus 7x-10x for the comparables) and a 13% dividend yield (versus 9% for commercial peers and 15% for residential REITs); we think NCT's ability to grow the dividend (10% projected annual dividend growth through 2016) and its ability to increase book value will differentiate NCT from peers in the near term."

Smotrich sees the company as an opportunistic investor trying to achieve accretive internal rates of return vs. cost of capital.

To see more ratings on NCT, Click Here

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