Morgan Stanley Raises Price Target To $9 For HFF Inc. (HF)
3/9/2010- Morgan Stanley analysts are raising their price target for HFF Inc. (NYSE: HF) to $9 after the company reported better-than-expected results.
The bank said that the company is finally pointing to an improved near-term outlook and that it was one of the first to recognize and acknowledge the commercial real estate downturn.
Analysts Vance Edelson and Vikram Malhotra said, "The company expects a pick-up in activity during the next 3-9 months, despite property fundamentals that are likely to remain challenged into 2011 and possibly 2012 as increased distressed activity plays right into its strengths. With its attractive pay-for-performance model, HFF reduced its full-time headcount by 23% during 2009, while reducing the number of transaction professionals by only 8%, and is well positioned to benefit from increased activity and investment in growth."
Morgan Stanley sees fiscal 2010 EPS of $0.20, vs. the consensus estimates of $0.24, and fiscal 2011 EPS of $0.42, in line with consensus estimates.
Write to Chip Brian at cbrian@tradethetrend.com
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