Barclays Maintains an 'Equalweight' on Douglas Emmett (DEI); Sluggish Near-Term Growth Expected
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Price: $13.57 -0.07%
Rating Summary:
6 Buy, 17 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
6 Buy, 17 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Barclays maintains an 'Equalweight' on Douglas Emmett Inc. (NYSE: DEI) price target of $19.00.
Barclays analyst says, "Key Takeaway: Third-quarter NOI fell more than expected, offset by lower interest expense and higher tenant recoveries. With DEI's refinancing plan essentially complete, we expect minimal additional benefit from seemingly ever-lower floating interest rates. Meanwhile, office fundamentals in DEI's markets remain a drag - we think the trend of occupancy declines will reverse in 2012, but rents are likely to roll down for some time. Overall, we project below-average near-term earnings growth and believe the stock's current valuation is fair on a relative basis."
"Our FY2011 FFO estimate remains $1.37 and our 2012 estimate is down just a penny to $1.36ps, implying 11% YOY growth in 2011 (4% on an operating basis) and a 1% decline in 2012. Our five-year (2011-2016) annual operating FFO growth rate is 3% and our five-year annual CAD growth rate is 5%."
For an analyst ratings summary and ratings history on Douglas Emmett Inc. click here. For more ratings news on Douglas Emmett Inc. click here.
Shares of Douglas Emmett Inc. closed at $18.79 yesterday.
Barclays analyst says, "Key Takeaway: Third-quarter NOI fell more than expected, offset by lower interest expense and higher tenant recoveries. With DEI's refinancing plan essentially complete, we expect minimal additional benefit from seemingly ever-lower floating interest rates. Meanwhile, office fundamentals in DEI's markets remain a drag - we think the trend of occupancy declines will reverse in 2012, but rents are likely to roll down for some time. Overall, we project below-average near-term earnings growth and believe the stock's current valuation is fair on a relative basis."
"Our FY2011 FFO estimate remains $1.37 and our 2012 estimate is down just a penny to $1.36ps, implying 11% YOY growth in 2011 (4% on an operating basis) and a 1% decline in 2012. Our five-year (2011-2016) annual operating FFO growth rate is 3% and our five-year annual CAD growth rate is 5%."
For an analyst ratings summary and ratings history on Douglas Emmett Inc. click here. For more ratings news on Douglas Emmett Inc. click here.
Shares of Douglas Emmett Inc. closed at $18.79 yesterday.
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