Stifel Nicolaus cuts its rating on Mission West Properties MSW to Hold from Buy as shares reach target price of $10.
Stifel Nicolaus says, "While our underwriting and valuation of MSW is top down, the underwriting
by potential buyers is bottom up and very complicated; an asset-by-asset process of roughly 80 assets as the portfolio consists of a wide range of asset types, varying degrees of functionality and multiple submarkets. We have great faith in iconic 74 year old CEO Carl Berg. We think the likelihood of a company sale is high."
MSW closed at $10 on Monday.
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