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Stifel Nicolaus upgrades CommonWealth REIT
CWH to Hold from Sell based on valuation, high dividend yield, among others.
Stifel Nicolaus notes, " CWH continues to screen very inexpensively on all of our metrics: 1) 10.0%/8.0%/7.2% implied NOI/Cash Flow and CF less G&A cap rates, 2) trades below our new NAV range of $26-$22/sh, based on a 9.0%-9.5% cap rate range, 3) has an office TEV of only $102/SF relative to Gross/Adjusted Replacement Cost of $307/$181, and 4) 5.8x/9.2x 2012E FFO/FAD multiples."
CWH closed at $18.87 per share on Wednesday.
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