Bank of America Merrill Lynch Maintains Colony Financial Buy, $18.50 PT
Bank of America Merrill Lynch maintained its Colony Financial (NYSE: CLNY) Buy rating and $18.50 price target in a research report published Friday after updating the company's estimates.
In the report, Bank of America Merrill Lynch stated, "CLNY is attractively valued at 98% of stated book value of $18.15 and 90% of economic book of ~$19.57, in our opinion. Peers are currently valued at 0.95-1.15x stated BV, suggesting some upside potential should the market continue to reappraise commercial mortgage REIT stocks higher on the back of low interest rates and demand for yield bearing stocks."
Shares of Colony Financial closed Friday at $17.80.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.