City Developments (CDEVY) Rating Increased to Buy at Zacks Investment Research

City Developments (OTCMKTS:CDEVY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $11.00 target price on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.17% from the company’s previous close.

According to Zacks, “City Developments Limited (CDL) is one of the largest real estate companies of Singapore. By market capitalization, the firm’s income-stable and geographically-diversified portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. CDL has hotel assets in one of the world’s largest hotel groups – its London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C), has over 130 hotels globally, many in key gateway cities. Globally, CDL has developed over 40,000 homes and is one of Singapore’s largest commercial landlords, with one of the biggest land banks amongst Singapore private-sector developers. Building on its track record of over 50 years in real estate development, investment and management, CDL has developed growth platforms in five key international markets – UK, US, China, Japan and Australia. The Company is also leveraging its stable of prime assets and growing its real estate funds management business. “

City Developments (OTCMKTS:CDEVY) traded up $0.02 during trading on Friday, reaching $9.72. The company’s stock had a trading volume of 6,180 shares, compared to its average volume of 4,850. City Developments has a 1 year low of $5.60 and a 1 year high of $9.56. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $8,729.38, a PE ratio of 21.13, a PEG ratio of 5.42 and a beta of 1.09.

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About City Developments

City Developments Limited is a real estate operating company with its presence spanning approximately 100 locations in over 30 countries. The principal activities of the Company are those of a property developer and owner, and investment holding. The principal activities of the subsidiaries are those of property developers and owners, hotel owners and operators, a club operator and owner, investment in properties and in shares, property management, project management and provision of consultancy services, hospitality-related information technology, procurement services and provision of laundry services.

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