KeyBanc Downgrades BioMed Realty (BMR) to Underweight; Valuation Appears Rich
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Price: $1.31 --0%
Rating Summary:
6 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Rating Summary:
6 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
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KeyBanc downgraded BioMed Realty (NYSE: BMR) to Underweight with a price target of $16.00.
KeyBanc analyst says, "While we expect lab space demand to remain steady in 2012, BMR’s valuation appears rich at a 6.8% implied cap rate relative to our growth expectations and the capital intensive nature of lab space assets. The Company also seems to have spent the bulk of its recently raised equity capital on the buyout of its partner’s interest in the joint venture, which suggests that upside from incremental external growth could be more limited near term. Accordingly, consistent with our view of multiple contraction, we suspect that the stock could pull back closer to our revised $15.63/share NAV estimate, or at least underperform the broader REIT sector."
For an analyst ratings summary and ratings history on BioMed Realty click here. For more ratings news on BioMed Realty click here.
Shares of BioMed Realty closed at $18.43 yesterday.
KeyBanc analyst says, "While we expect lab space demand to remain steady in 2012, BMR’s valuation appears rich at a 6.8% implied cap rate relative to our growth expectations and the capital intensive nature of lab space assets. The Company also seems to have spent the bulk of its recently raised equity capital on the buyout of its partner’s interest in the joint venture, which suggests that upside from incremental external growth could be more limited near term. Accordingly, consistent with our view of multiple contraction, we suspect that the stock could pull back closer to our revised $15.63/share NAV estimate, or at least underperform the broader REIT sector."
For an analyst ratings summary and ratings history on BioMed Realty click here. For more ratings news on BioMed Realty click here.
Shares of BioMed Realty closed at $18.43 yesterday.
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