CoreSite Realty Corp. Downgraded to Neutral at Bank of America Corp. (COR)
CoreSite Realty Corp. (NYSE:COR) was downgraded by analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Analyst Ratings Network.com reports. They currently have a $38.00 target price on the stock. Bank of America Corp.’s target price points to a potential upside of 13.74% from the stock’s previous close.
The analysts wrote, “We are downgrading COR to Neutral from Buy primarily based on valuation relative to its history and peers. While we expect the company to maintain premium growth to the sector, we believe there are better values in the data center sector given COR’s recent relative outperformance. COR shares have returned 21% year-to-date, significantly outperforming its data center peers (down 5% on average) and the RMZ index (up 3%). COR currently trades at a ’14E AFFO multiple of 16.3x with 22% projected growth vs. the data center peer average of 13.5x with 21% average growth. COR currently trades near its widest valuation spread (3x) relative to peers on AFFO dating back to its IPO in 2010.”
Several other analysts have also recently commented on the stock. Analysts at Stephens initiated coverage on shares of CoreSite Realty Corp. in a research note to investors on Thursday, September 12th. They set an “equal weight” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of CoreSite Realty Corp. from $38.00 to $41.00 in a research note to investors on Monday, July 29th. They now have an “outperform” rating on the stock. Finally, analysts at Jefferies Group cut their price target on shares of CoreSite Realty Corp. from $40.00 to $38.00 in a research note to investors on Wednesday, July 24th. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $37.64.
Shares of CoreSite Realty Corp. (NYSE:COR) traded down 0.45% during mid-day trading on Wednesday, hitting $33.26. 47,781 shares of the company’s stock traded hands. CoreSite Realty Corp. has a 52-week low of $20.50 and a 52-week high of $38.57. The stock’s 50-day moving average is $32.91 and its 200-day moving average is $33.62. The company has a market cap of $692.7 million and a price-to-earnings ratio of 92.81.
CoreSite Realty Corp. (NYSE:COR) last announced its earnings results on Thursday, July 25th. The company reported $0.45 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.43 by $0.02. The company had revenue of $57.70 million for the quarter, compared to the consensus estimate of $58.08 million. During the same quarter last year, the company posted $0.37 earnings per share. CoreSite Realty Corp.’s revenue was up 14.0% compared to the same quarter last year. Analysts expect that CoreSite Realty Corp. will post $1.82 EPS for the current fiscal year.
CoreSite Realty Corporation is an owner, developer and operator of strategically located data centers in some of the growing data center markets in the United States, including Los Angeles, the San Francisco Bay and Northern Virginia areas, Chicago and New York City.
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