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Wunderlich Securities Trims Estimates For Cedar Realty Trust On Lower Leverage/Acquisition Assumptions


In a report published Monday, Wunderlich Securities analyst Craig Kucera reiterated a Hold rating and $8.00 price target on Cedar Realty Trust, Inc. (NYSE: CDR).

In the report, Wunderlich Securities noted, "We are lowering our 2015 FFO estimate on Cedar Realty (CDR) from $0.57 to $0.54 and establishing a 2016 FFO estimate of $0.59, while maintaining our $8 price target and Hold rating on CDR shares. CDR's 4Q14 earnings were in line; however, we now assume a continued net deleveraging in 2015 as CDR's recent term loans are utilized primarily to offset asset-level debt maturities; as such, we look for a net 270bp reduction in leverage ratios by year end with a net $34mm of acquisitions versus our prior estimate of $100mm, at a -175bp spread on acquisition/disposition cap rates. Our NAV is increasing to $7.95 (7% cap rate), and our target values CDR at 101% of NAV, in line with the shopping center REIT average of 101% and representing a 2x 2015E FFO multiple discount to peers."

Cedar Realty Trust closed on Friday at $7.52.

Latest Ratings for CDR

Aug 2019Initiates Coverage OnSell
Feb 2018MaintainsOutperformOutperform
Aug 2017MaintainsOutperform

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Posted-In: Craig Kucera Wunderlich SecuritiesAnalyst Color Reiteration Analyst Ratings


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