UPDATE: Bank Of America Downgrades Campus Crest Communities On Lowered 2015 Estimate
In a report published Friday, Bank of America analyst Jana Galan downgraded the rating on Campus Crest Communities (NYSE: CCG) from Neutral to Underperform, and lowered the price target from $9.00 to $8.00.
In the report, Bank of America noted, “We are downgrading CCG to an Underperform rating from Neutral. We are also lowering our forward NAV derived price objective to $8.00 from $9.00 after reflecting ground lease expense and lower development yield. We assume the stock trades at a -10% discount to NAV based on lack of visibility. We maintain our 2014 FFOA estimate at $0.72 (management guidance $0.72-$0.74) and are lowering our 2015 estimate to $0.79 from $0.80.”
Campus Crest Communities closed on Thursday at $8.78.
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