UPDATE: Stifel Nicolaus Raises PT to $29 on Capital Senior Living; Growth Sustainable
Stifel Nicolaus maintained Capital Senior Living (NYSE: CSU) with a Buy rating and raised the price target from $24.00 to $29.00.
Stifel Nicolaus noted, "CSU's growth from acquired assets in a fragmented seniors housing industry and good industry fundamental prospects continue to impress us. 4Q13 results exceeded our estimates and consensus estimates. Including benefits from additional internal growth and acquisitions in 2013 we are raising our 2013 CFFO estimate to $1.57/sh from $1.37/sh and price target to $29 from $0.24. Our revised price target equals 14.6x adjusted EV / 2013 EBITDAR, a slight premium to Buy-rated peers which we believe is warranted by Capital Senior's above average growth prospects."
Capital Senior Living closed at $24.07 on Wednesday.
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