In a report released today, Craig Kucera from B.Riley FBR reiterated a Buy rating on City Office REIT (CIO). The company’s shares opened today at $10.96.
Kucera noted:
“We are reducing our price target on REIT, Inc. (CIO) from $13.00 to $12.50 as 2019 guidance disappointed the Street (leading to a ~10% decline in CIO’s share price), primarily related to 4Q18 acquisition cap rates being significantly lower than we had anticipated, lower occupancy than forecast, and higher 2019 G&A expense than we had previously estimated. Post a 4Q18 core FFO miss of $0.02, we are reducing our 2019 core FFO estimate from $1.25 to $1.20 as well as establishing a 2020 core FFO of $1.28.”
According to TipRanks.com, Kucera is a 4-star analyst with an average return of 5.4% and a 67.3% success rate. Kucera covers the Financial sector, focusing on stocks such as NexPoint Residential Trust Inc, Consolidated-Tomoka Land Co, and National Retail Properties.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for City Office REIT with a $14 average price target, which is a 27.7% upside from current levels. In a report released today, Boenning & Scattergood also maintained a Buy rating on the stock.
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The company has a one-year high of $13.20 and a one-year low of $9.73. Currently, City Office REIT has an average volume of 280.7K.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is neutral on the stock.
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City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. The company was founded on November 26, 2013 and is headquartered in Vancouver, Canada.
