Compass Point Upgrades Post Properties (PPS) to Neutral on Solid Q3
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Price: $65.02 --0%
Rating Summary:
5 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
5 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Compass Point upgraded Post Properties (NYSE: PPS) from Sell to Neutral with a price target of $46.00 (from $42.00) following solid Q3 results.
The firm comments, "PPS reported a solid third quarter, recording FFO of $0.76 versus our estimate and consensus of $0.62. The company beat expectations on both core operating metrics and condo sales, a runoff operating segment. We continue to believe that PPS is the most exposed apartment REIT to rental revenue deceleration based on the portfolio footprint in affordable housing markets, premium-to-market rents, and tough 2012 year-over-year comps in 2013. As such, our upgrade has less to do with any expectation of fundamental outperformance and more to do with value inherent in the portfolio. We continue to believe that downside potential exists in the stock, but only on the order of 5% after accounting for the 2% current dividend yield."
For an analyst ratings summary and ratings history on Post Properties click here. For more ratings news on Post Properties click here.
Shares of Post Properties closed at $50.39 yesterday.
The firm comments, "PPS reported a solid third quarter, recording FFO of $0.76 versus our estimate and consensus of $0.62. The company beat expectations on both core operating metrics and condo sales, a runoff operating segment. We continue to believe that PPS is the most exposed apartment REIT to rental revenue deceleration based on the portfolio footprint in affordable housing markets, premium-to-market rents, and tough 2012 year-over-year comps in 2013. As such, our upgrade has less to do with any expectation of fundamental outperformance and more to do with value inherent in the portfolio. We continue to believe that downside potential exists in the stock, but only on the order of 5% after accounting for the 2% current dividend yield."
For an analyst ratings summary and ratings history on Post Properties click here. For more ratings news on Post Properties click here.
Shares of Post Properties closed at $50.39 yesterday.
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