J.P. Morgan Reiterates Neutral Rating, $8 PT on Cousins Properties

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $8.00 price target on Cousins Properties

. J.P. Morgan noted, “We are updating our model post 3Q earnings and raising our 2012 FFO/share estimate $0.09 to $0.62 and lowering our 2013 FFO/share estimates $0.08 to $0.47. We are also introducing a 2014 estimate of $0.54. Our 2012 estimate increase is largely a function of the $0.10 of one-time gains ($0.07 from the sale of its third party management fee business and $0.03 of participation interest income). Our 2013 estimate decline is largely a function of higher asset sales than we previously forecast, along with a more conservative occupancy projection. Our 2012 FFO/share estimate is $0.03 above the Bloomberg consensus (estimates range from $0.53 to $0.64), our 2013 FFO/share estimate is $0.03 below Bloomberg consensus, and our 2014 estimate is $0.01 below Bloomberg consensus. We detail our assumptions below.” Cousins Properties closed on Friday at $8.34.