Morgan Keegan Positive On BRE Properties' Q4 Results (BRE)

Morgan Keegan finds BRE Properties' BRE Q4 results a positive surprise. In a new report out today, Morgan Keegan reported “4Q:10 FFO of $0.15/share, $0.01 above Street consensus, and $0.02 above our estimate. Results included a $22.9M (-$0.36/share) charge related to debt retirement (included in our estimate).” The report also noted, “BRE provided 2011 FFO guidance of $2.06-2.18/share, bracketing street consensus ($2.08/share) and our estimate ($2.07/share). Guidance implies growth of 8.2% at the midpoint.” Given these favorable results, Morgan Keegan maintained its Outperform rating and Price Target of $49.75. BRE Properties closed on Monday at $44.94. It is currently trading $0.51 higher.