UPDATE: Cantor Fitzgerald Downgrades CoreSite Realty to Hold; Valuation Now Fair
Cantor Fitzgerald reduced its rating on CoreSite Realty (NYSE: COR) from Buy to Hold with a reiterated $28 price target.
Cantor Fitzgerald noted, "We downgrade COR to HOLD from BUY and maintain our $28.00 price target. FFO growth should remain in the double digits over the next several years, despite a moderation of our fundamental growth expectations, following insight from our Newmark Grubb Knight Frank affiliates. COR has significantly outperformed both subsector and REIT peers; we now view current pricing as "fair value," and we move to an indexed position. The 7.1% total return implied by our unchanged $28.00 price target compares to our current RMZ return expectation of 6.7% (935 target), hence a HOLD rating."
CoreSite Realty closed at $26.89 on Wednesday.
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