Deutsche Bank Lifts Urstadt Biddle's Target To $24 Following Q2 Results

Urstadt Biddle Properties Inc UBA reported a an earnings beat last week, which prompted Deutche Bank to lift its price target by $1 to $24.

"A&P largely behind them and continuing to make progress on other fronts," the note said. "2Q16 results were better than expected as stronger NOI and lower G&A drove a 4c beat to our estimate. The leased rate improved as new A&P leases were signed and UBA generated a strong +22% new lease spread for the quarter. UBA continues to work on releasing its last remaining A&P box and is in current negotiations with national operators.

The analysts continued, "We assume a ~20% roll-down to prior rent in 4Q16. At White Plains, UBA is closer to finalizing the sale later this year as the last remaining tenant was relocated, which had been the last remaining contingency. UBA granted the purchaser six one month extension options for additional proceeds as they finalize their plans."

Shares closed Thursday at $23.31.