UPDATE: Mizuho Securities Starts CoreSite Realty (COR) at Neutral
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Mizuho Securities analyst Omotayo Okusanya initiates coverage on CoreSite Realty (NYSE: COR) with a Neutral rating, PT $135.00.
The analyst comments "While we are confident about lease-up of the Silicon Valley development projects, we are a bit more reserved in our outlook on the Chicago and Northern NJ projects given rising supply in those markets. We therefore believe that 2021 consensus FFO/sh of $5.61 is too high and that initial 2021 FFO/sh guidance may disappoint investors. This is the basis for our Neutral rating. Our 2020 FFO/sh estimate is at $5.51. A meaningful stock sell-off on a lower than expected 2021 FFO/sh guide could however create a more attractive entry point in our opinion, as long as our fundamental thesis remained intact."
Shares of CoreSite Realty closed at $125.10 yesterday.
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