B.Riley FBR analyst Bryan Maher maintained a Buy rating on NorthStar Realty Europe Corp (NYSE: NRE) today and set a price target of $17. The company’s shares opened today at $14.16, close to its 52-week high of $14.81.
Maher wrote:
“NorthStar Realty Europe reported 1Q18 CAD/share of $0.23, below our $0.25 estimate, but in line with consensus. Adjusted EBITDA of $18.1M was also light of our $19.4M estimate. Rental and other income were above our estimates, but so were interest expense and unrealized loss on derivatives and other, which led to the miss against our estimates. NRE has been busy in 2018, completing the sale of its largest non-core property, Maastoren, subsequent to quarter end, for $195.0M, and initiating a $100.0M stock buyback program which has bought back 3.5M shares so far in 2018 for $46.3M. It also increased borrowing capacity on its credit facility to $70.0M. We think the REIT has made material progress over the past year in both rationalizing its assets (including disposing of non-core properties) and expenses.”
According to TipRanks.com, Maher is a 2-star analyst with an average return of 1.1% and a 55.3% 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.
NorthStar Realty Europe Corp has an analyst consensus of Moderate Buy, with a price target consensus of $17.
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The company has a one-year high of $14.81 and a one-year low of $10.08. Currently, NorthStar Realty Europe Corp has an average volume of 445.7K.
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NorthStar Realty Europe Corp. is a real estate investment trust focused on prime office properties. It operates through the following business segments: Real Estate Equity, Preferred Equity, and Corporate. The Real Estate Equity segment focuses on European prime office properties located in key cities within Germany, the United Kingdom and France.
