CommonWealth REIT Stock Rating Upgraded by Stifel Nicolaus (CWH)
The analysts wrote, “We think Corvex & Related (C&R) is actively trying to complete due diligence and obtain financing in order to provide a non-contingent tender offer for Commonwealth shares. As a result of the recent dilutive equity offering, we expect this offer to be in the range of $20-$25/sh. … Meanwhile we think shareholders who bought recently at $19/sh are very willing to reduce their positions as they weigh the likelihood of C&R being successful and acquiring CWH or RMR being successful in protecting its fee stream; with RMR remaining in place, we believe the result would be a $15/share price. Hence our downgrade.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks downgraded shares of CommonWealth REIT from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, January 31st. They now have a $18.10 price target on the stock.
CommonWealth REIT traded down 0.50% on Thursday, hitting $21.99. CommonWealth REIT has a 52-week low of $13.46 and a 52-week high of $25.25. The stock’s 50-day moving average is currently $18.30. The company’s market cap is $1.843 billion.
CommonWealth REIT last announced its earnings results on Monday, February 25th. The company reported $0.82 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.86 by $0.04. The company had revenue of $264.69 million for the quarter, compared to the consensus estimate of $263.56 million. During the same quarter last year, the company posted $0.76 earnings per share. On average, analysts predict that CommonWealth REIT will post $2.84 earnings per share for the current fiscal year.
CommonWealth REIT, formerly HRPT Properties Trust, is a real estate investment trust (REIT), which owns and leases office buildings.