UPDATE: Imperial Capital Initiates Capital Senior Living Corporation at Outperform on Mid-Cycle Strength

Imperial Capital initiated coverage on Capital Senior Living Corporation

with an Outperform rating and a $24.00 price target. Imperial Capital noted, "CSU is a relatively small, well-operated senior housing company with a large acquisitions pipeline (contributing to 2013E ~20% EBITDAR and ~35% CFFO growth) and limited bidding competition that is currently benefitting from a mid-cycle recovery in an industry with a longterm demographic tailwind. Additionally, the value of its owned properties is increasing as REITs are aggressively seeking growth and acquiring mid-size portfolios such as that owned by CSU. Capital Senior Living Corporation closed at $19.51 on Wednesday.