UPDATE: Citigroup Reiterates on Ares Commercial Real Estate as Alliant Capital Acquisition Drives Beat
In a report published Monday, Citigroup analyst Donald Fandetti reiterated a Buy rating on Ares Commercial Real Estate Corp. (NYSE: ACRE), but lowered the price target from $20.00 to $15.00.
In the report, Citigroup noted, “ACRE reported GAAP EPS of $0.27. The qtr included core income of $0.16, plus one-time gains of $0.18 from the company's acquisition of Alliant Capital, offset by $0.07 of associated costs. ACRE paid a $0.25 dividend during Q3, and announced the Q4 dividend unchanged. Book value of $14.42 was down slightly q/q from $14.47.”
Ares Commercial Real Estate closed on Friday at $13.12.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.