J.P. Morgan Reiterates Neutral Rating, $24 PT on Acadia Realty Trust
In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating and $24.00 price target on Acadia Realty Trust (NYSE: AKR).
J.P. Morgan noted, “We are updating our model and estimates in light of AKR's recently announced self-storage portfolio disposition and notable acquisitions (e.g.,Lincoln Road portfolio for $139 million). We are lowering our 4Q '12 FFO per share estimate $0.01, to $0.28, lowering our 2013 FFO per share estimate $0.01, to $1.20, and maintaining our 2014 FFO per share estimate at $1.30. Our Neutral rating on the stock is based on our belief that the company has the potential to generate strong earnings growth off its small asset base, but since the stock trades at a slight premium valuation, we think this is partially reflected.
Acadia Realty Trust closed on Thursday at $24.88.
Latest Ratings for AKR
|Aug 2016||BTIG Research||Initiates Coverage on||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.