UPDATE: CapitalOne Downgrades American Campus Communities (ACC) to Equal-weight
- European shares drop ahead of cenbank meet, UniCredit jumps on profit beat
- Caterpillar Q4 earnings miss as costs weigh
- Strong EV demand helps General Motors top Q4 income estimates
- Bed Bath & Beyond (BBBY) likely to file for bankruptcy this week - Reuters
- UPS (UPS) misses on revenue, full-year guidance
CapitalOne analyst Neil Malkin downgraded American Campus Communities (NYSE: ACC) from Overweight to Equal-weight with a price target of $65.47.
The analyst comments "ACC reported a better-than-expected 1Q22 result, driven by stronger occupancy and rent growth. We are downgrading ACC to Equalweight from Overweight, solely because the shares are trading close to Blackstone's takeout price. Our new price target is $65.47. Expected to close in 3Q22, this transaction is a win/win for shareholders and ACC, in our view. The company will have the ability to more aggressively pursue its on-campus development pipeline and Power 5/R1-focused acquisition strategy."
Shares of American Campus Communities closed at $64.75 yesterday.
You May Also Be Interested In
- Baird Downgrades Q2 Holdings (QTWO) to Neutral, 'Balanced Risk/ Reward'
- PayPal (PYPL) price target cut at Deutsche Bank on 'key bogeys' heading into earnings
- William Blair Starts Cutera (CUTR) at Market Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!