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Rating Summary:
1 Buy, 8 Hold, 1 Sell
Rating Trend: Up
Today’s Overall Ratings:
Up: 21 | Down: 42 | New: 7
Wells Fargo downgraded EastGroup Properties (NYSE: EGP) from Outperform to Market Perform and maintained a valuation range of $53-$56.50.
The firm comments, “EGP trades at 12% premium to our spot NAV estimate, and while we believe a P/NAV premium is appropriate for EGP given its strong development pipeline and solid balance sheet, we don’t believe a growing P/NAV premium in 2013 is likely. We expect ssNOI growth will be modest in 2013 (flat to +1.0%). We look for underlying earnings growth from the development pipeline and potentially acquisitions, but we don’t believe outside value creation potential will be enough to drive outperformance during the year.”
For an analyst ratings summary and ratings history on EastGroup Properties click here. For more ratings news on EastGroup Properties click here.
Shares of EastGroup Properties closed at $54.59 yesterday, with a 52 week range of $44.02-$56.44.
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