In a report published Friday, Goldman Sachs Group reiterated its Sell rating on BRE Properties BRE, and raised its price target from $45.00 to $47.00.
Goldman Sachs noted, “With apartment REIT share prices well below highs, the disconnect from private real estate valuations has become material enough that the potential for privatizations needs to be contemplated in valuation. As a result, we are increasing our BRE price target to $47 from $45. Combined with a 3.3% dividend yield, our $47 price target implies a 1% total return and we maintain a Sell rating relative to our REIT coverage universe. Our analysis highlights that a high probability of M&A is needed to change our investment view.”
BRE Properties closed on Thursday at $48.14.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in