UPDATE: Deutsche Bank Cuts Target on NorthStar Realty to $7
Deutsche Bank lowers its price target 25 cents to $7 on Buy-rated NorthStar Realty (NYSE: NRF) to reflect the book value of the portfolio.
Deutsche Bank says, "Our target is based on shares trading in line with adjusted book value, which we estimate is now just below $7 per share given the 1Q offering. We believe adjusted book value is a more accurate reflection of the portfolio value and therefore a better basis for our price target than GAAP book value. Given the company's portfolio performance, increasing cash flows, solid liquidity position, and growing dividend, we believe a multiple in line with adjusted book value is appropriate."
NRF closed at $5.42 a share on Monday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.