UPDATE: Jefferies Starts Armada Hoffler Properties (AHH) at Buy
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Jefferies analyst Peter Abramowitz initiates coverage on Armada Hoffler Properties (NYSE: AHH) with a Buy rating and a price target of $15.00.
The analyst comments "While meaningful FFO/sh growth is still a few years off as a wave of development hits in '23-24, we believe baseline expectations are too low going into '22, as our FFO/sh estimate is 7.5% above consensus. We look to '22 guidance (next Feb) as a catalyst for the stock to re-rate more in line with respective subsector comps (our $15 PT implies 14.6x FFO), and could see even further upside as the ramp in FFO/sh growth comes into view. Initiate at Buy."
Shares of Armada Hoffler Properties closed at $12.93 yesterday.
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