UPDATE: Bank of America Downgrades Campus Crest Communities to Underperform, Lowers PT on Lowered 2015 Estimate

In a report published Friday, Bank of America analyst Jana Galan downgraded the rating on

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.