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UPDATE: Deutsche Bank Lowers PT on Capital Senior Living on Updated Estimates

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In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Capital Senior Living Corporation (NYSE: CSU), but lowered the price target from $28.00 to $27.00.

In the report, Deutsche Bank noted, “Updated estimates: modest trim to 2014 / price target to $27 / maintain Buy. We've made a few modest revisions to our model to better reflect: (1) CSU's underlying occupancy ramp, (2) CSU's ongoing conversion activity and reconfigurations at two former CCRC communities (repositioned as all pvt pay AL/IL communities); and (3) CSU's recent G&A trends, with slightly less G&A leverage embedded in our 2014 forecast. As compared to flattish CFFO/share growth in 2013, our updated model assumes +17.5% YoY CFFO/share growth, although we've shaved $0.10/share vs. prior to reflect the above changes. We do not assume any forward tax benefits from cost segregation initiative.”

Capital Senior Living Corporation closed on Monday at $22.85.

Posted-In: Deutsche Bank Greg PooleAnalyst Color Price Target Analyst Ratings


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