In a report released today, Bryan Maher from B.Riley FBR maintained a Buy rating on Global Medical REIT (NYSE: GMRE), with a price target of $10. The company’s shares opened today at $8.61.
Maher wrote:
“Global Medical REIT (GMRE) reported results below expectations, reporting adj. funds from operations (AFFO) of $0.16 per share vs. our $0.20 and consensus $0.17. We note that the miss to our estimate was partially due to higher-than-expected property operating expenses. Adj. EBITDA came in at $8.5M vs. our $9.3M. Total revenue came in relatively in line at $11.6M versus our $11.7M. Management was busy in 1Q18, with $64.6M in acquisitions closed in the quarter (versus our $48.4M estimate), while teeing up another $64.2M in acquisitions that it has subsequently closed on in 2Q18 (details below). Management also has another $4.9M in acquisitions under contract.”
According to TipRanks.com, Maher is a 2-star analyst with an average return of 1.1% and a 54.5% success rate. Maher covers the Financial sector, focusing on stocks such as Government Properties Income Trust, Senior Housing Properties Trust, and Condor Hospitality Trust Inc.
Currently, the analyst consensus on Global Medical REIT is Strong Buy and the average price target is $10, representing a 16.1% upside.
In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $10 price target.
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The company has a one-year high of $10.25 and a one-year low of $6.34. Currently, Global Medical REIT has an average volume of 153.4K.
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Global Medical REIT, Inc. operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
