UPDATE: D.A. Davidson Initiates Coverage On Douglas Emmett On Valuation

In a report published Friday, D.A. Davidson analyst Barry Oxford initiated coverage on

with a Neutral rating and $30.00 price target. In the report, D.A. Davidson noted, “The stock's current valuation adequately reflects our NAV of $29 per share and target price of $30. We use NAV as our primary valuation metric and relative value (P/FFOPS) secondarily. Our NAV is above consensus' $27.94 per share, suggesting that we are giving full credit for the value of the assets. Based on valuation, we are on the sidelines with a NEUTRAL rating and $30 price target, representing a 3% premium to our estimated NAV. We would be buyers of the stock closer to $25 per share and sellers on the run at $34.” Douglas Emmett closed on Thursday at $27.96.