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D.A. Davidson & Co. initiates coverage of Ramco-Gershenson at 'buy'

D.A.Davidson & Co. analyst James Lykins initiated coverage ofRamco-Gershenson PropertiesTrust with a rating of "buy," and a price target of $22.

The analyst wrote in a research report: "We forecast2016 and 2017 FFOPS of $1.35 and $1.45, respectively. The stock is trading atjust 13x our 2016 FFO estimate, compared to its peer group trading at 19x 2016estimates. We derive our $22 price target using multiple of 16x our 2016forecast, a premium to where the stock is trading now but in our view justifiedgiven our expectations for FFO growth. The stock is also trading at a ~7%discount to our NAV estimate, and we note the current yield is ~5.0%."