UPDATE: KeyBanc Upgrades American Assets Trust (AAT) to Overweight
- Wall St subdued at open ahead of Powell testimony
- Sanderson Farms (SAFM) Explores Sale - Report
- Bitcoin (BTC) Cracks $30,000 to Hit 6-Month Low, Here Are Next Targets Lower
- Dollar edges higher before Powell; Bitcoin drops
- Splunk (SPLK) Announces $1 Billion Investment from Silver Lake, Announces $1B Buyback
KeyBanc analyst Todd Thomas upgraded American Assets Trust (NYSE: AAT) from Sector Weight to Overweight with a price target of $42.00.
The analyst comments "We are upgrading AAT to Overweight to position for a stronger than expected recovery in the Company's high-quality diversified portfolio located on the West Coast and in Hawaii, as we see potential for a sharp inflection in fundamentals and earnings growth in 2021/2022. In the NT, the Mixed-Use segment (i.e., Embassy Suites on Waikiki Beach) has the greatest earnings power, in our view, with occupancy approaching 70% in recent weeks (up from 47.5% in 1Q21) and Hawaii tourism continuing to build; occupancy at the 80%+ level is a possibility this summer, which should lead to a steady recovery in room rates and RevPAR. An inflection in Retail and Multifamily fundamentals may bolster AAT's fundamental recovery, while office leasing/pre-leasing could act as a catalyst for the stock. We are raising our 2021 and 2022 FFO estimates by 6% and 2%, respectively, and we are raising our NAV estimate to $39.85/sh."
Shares of American Assets Trust closed at $34.54 yesterday.
You May Also Be Interested In
- UPDATE: Oppenheimer Upgrades Lincoln Electric (LECO) to Outperform
- Sankyu Inc (9065:JP) PT Raised to JPY5,800 at JPMorgan
- Anhui Jianghuai Automobile Group Co Ltd (600418:CH) PT Lowered to RMB7 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesKeyBanc, Earnings
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!