Bank Of America Reiterates Buy On CLP

Bank of America is reiterating its Buy rating on Colonial Properties Trust CLP following recent meetings with the company's management. In the report, Bank of America writes, “We reiterate our Buy rating on CLP after meeting with management at NAREIT. CLP's multi-family portfolio is achieving renewal rates of +6.5% on average and new rates of +2.5-3.0%. We estimate this puts CLP at the upper end of its SS NOI guidance of 4.0%-6.0% for 2011. While CLP management has said they anticipate positive SS NOI in all of their markets this year, we think growth can surpass prior projections. CLP continues to trade at a discount to its multi-family Sunbelt REIT peers, and we believe this gap is unwarranted. We maintain CLP as a top REIT pick.” Bank of America maintains its $25 price target on the stock. CLP closed at $20.35 yesterday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorAnalyst RatingsBank of America Merrill Lynchcolonial properties trustDiversified REIT'sFinancials
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!