Compass Point Reiterates a 'Buy' on MPG Office Trust (MPG); Update to Model
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Price: $6.17 +17.97%
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Compass Point reiterates a 'Buy' on MPG Office Trust (NYSE: MPG) price target of $4.75.
Analyst, Wilkes Graham, said, "Our price target represents a slight discount to our $5.49 NAV, which assumes a 6.7% weighted average cash cap rate on the company's assets. The balance sheet is becoming cleaner and simpler with each default asset sale, and within a couple of quarters should be completely void of any defaulted assets. The stock's high beta has pushed the stock lower of late as market concerns over Europe return, but we continue to see the potential for (1) better than expected pricing on the KPMG refinancing between August and October and (2) an accretive balance sheet transaction that retires most or all of the preferreds at both a premium to market and a significant discount to par + accrued dividends."
For an analyst ratings summary and ratings history on MPG Office Trust click here. For more ratings news on MPG Office Trust click here.
Shares of MPG Office Trust closed at $1.90 yesterday.
Analyst, Wilkes Graham, said, "Our price target represents a slight discount to our $5.49 NAV, which assumes a 6.7% weighted average cash cap rate on the company's assets. The balance sheet is becoming cleaner and simpler with each default asset sale, and within a couple of quarters should be completely void of any defaulted assets. The stock's high beta has pushed the stock lower of late as market concerns over Europe return, but we continue to see the potential for (1) better than expected pricing on the KPMG refinancing between August and October and (2) an accretive balance sheet transaction that retires most or all of the preferreds at both a premium to market and a significant discount to par + accrued dividends."
For an analyst ratings summary and ratings history on MPG Office Trust click here. For more ratings news on MPG Office Trust click here.
Shares of MPG Office Trust closed at $1.90 yesterday.
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