Campus Crest Communities Lowered to “Underperform” at Bank of America (CCG)
Campus Crest Communities (NYSE:CCG) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday. They currently have a $8.00 price target on the stock, down from their previous price target of $9.00. Bank of America’s price target points to a potential downside of 8.88% from the stock’s previous close.
The analysts wrote, “We are downgrading CCG to an Underperform rating from Neutral. We are also lowering our forward NAV derived price objective to $8.00 from $9.00 after reflecting ground lease expense and lower development yield. We assume the stock trades at a -10% discount to NAV based on lack of visibility. We maintain our 2014 FFOA estimate at $0.72 (management guidance $0.72-$0.74) and are lowering our 2015 estimate to $0.79 from $0.80.”
Separately, analysts at Barclays cut their price target on shares of Campus Crest Communities from $11.00 to $10.00 in a research note on Monday, April 14th. They now have an “equal weight” rating on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $10.01.
Campus Crest Communities (NYSE:CCG) opened at 8.78 on Friday. Campus Crest Communities has a 52-week low of $8.14 and a 52-week high of $12.43. The stock has a 50-day moving average of $8.74 and a 200-day moving average of $8.91. The company’s market cap is $568.2 million.
Campus Crest Communities (NYSE:CCG) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $32.04 million for the quarter, compared to the consensus estimate of $24.62 million. Analysts expect that Campus Crest Communities will post $0.74 EPS for the current fiscal year.
Campus Crest Communities, Inc is a self-managed, self-administered and vertically-integrated developer, builder, owner and manager of purpose-built student housing properties in the United States.
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