Downgrades
Mizuho Securities USA LLC's Haendel St. Juste downgraded Brixmor Property Group Inc. to "neutral" from "buy," with a new price target on the company's stock of $19.00 per share.
"BRX is a story in transition with good long-term potential," but it is not the best time to buy into the stock, St. Juste said in a Dec. 10 note. Should the company deliver on its near-term balance sheet, growth and disposition goals, the stock should see limited upside during the first half of 2018, with tailwinds into the second half of 2018 and the first half of 2019, the analyst said.
Janney Montgomery Scott LLC analysts lowered Bluerock Residential Growth REIT Inc. to "neutral" and reduced their fair value estimate on the stock to $12.00 from $12.50 per share.
The analysts posited in a Dec. 12 note that they see lower upside for the stock in the near term as Bluerock Residential moves closer to a final decision later in December on its 2018 common dividend policy. The company's board in August hinted at a possible 2018 common dividend of between 65 cents and 75 cents per class A common share, lower than the current annualized level of $1.16 per share.
Wedbush Securities analyst Jay McCanless lowered his investment opinion of D.R. Horton Inc. to "neutral" from "outperform," while keeping his price target on the company's stock at $50 per share.
In a Dec. 12 note, McCanless said he believes D.R. Horton's current share-price levels already fairly reflect certain positive catalysts such as federal intervention in the mortgage market, potential benefits from its recently completed acquisition of a 75% stake in Forestar Group Inc. and unit sales growth in 2018. The analyst added that he does not foresee the homebuilder as a possible candidate for a takeover and that there appears to be no emerging catalyst to bump the price target higher.
