UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on NorthStar Realty Finance on Strong 4Q Results
In a report published Friday, Deutsche Bank reiterated its Buy rating on NorthStar Realty Finance Corp. (NYSE: NRF), and slightly raised its price target from $9.75 to $10.00.
Deutsche Bank noted, “NorthStar reported strong 4Q results with AFFO beating our estimate, the non-listed REIT exiting the year larger than we expected, and new investments in a JV of PE investments and a manufactured housing portfolio driving an increase to our 2013 AFFO estimate. We expect continued portfolio growth in 2013 as the company closes new investment in the pipeline and expect sequential dividend increases to continue. We are increasing our target to $10 per share and reiterate our Buy rating.”
NorthStar Realty Finance Corp. closed on Thursday at $8.34.
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