Cousins Properties (CUZ) PT Lowered to $28 at Truist Securities

Truist Securities analyst Michael R. Lewis lowered the price target on Cousins Properties (NYSE: CUZ) to $28.00 (from $30.00) while maintaining a Hold rating.

The analyst comments "What’s Incremental to Our View: We are raising our FFO estimates, partly driven by higher run-rate NOI and a new loan investment. However, we are lowering our 12-month price target to $28 from $30 due to lower target P/FFO and P/NAV multiples as detailed below. We think CUZ is one of the more attractive office REIT stocks, given a high-quality portfolio with low near-term lease expirations, relatively low financial leverage, and positive projected normalized FFOps growth this year and next. However, office is still one of our least preferred REIT sectors and we believe there may be better opportunities elsewhere."

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