J.P. Morgan Reiterates Underweight on Post Properties (PPS)

J.P. Morgan is out with a research report this morning, where it reiterates its Underweight rating on Post Properties PPS; it also raised its price target on the stock to $21.00, from $19.00. The JPM analysts cited the company’s recent earnings report, which has led them to increase their estimates on the name. They increased normalized 3Q10, 2010, and 2011 estimates (excluding condo impairment charges) to $0.32, $1.33, and $1.43 from $0.28, $1.18, and $1.20/share, respectively. The analysts noted that they were additionally rolling out 2012 FFO/AFFO estimates of $1.52 and $1.14/share, respectively. They noted that they do not expect any acquisitions or dispositions in the second half of 2010, though they do assume that external growth picks up in 2011, with “$100 million in acquisitions, funded in part by $60 million in dispositions at a negative yield spread of 100 bps.”