B.Riley FBR analyst Craig Kucera maintained a Buy rating on CatchMark Timber (NYSE: CTT) today and set a price target of $14.50. The company’s shares opened today at $12.29.
Kucera commented:
“We are raising our earnings estimates for Trust, Inc. (CTT) post the closing of an ~$89M acquisition in the Pacific Northwest, which will temporarily be funded via debt until CTT closes the sale of a ~$79M disposition located in TX/LA scheduled for 4Q18. As a result of expected annual revenue accretion of $1.3M and $2.5M of incremental EBITDA from the transactions, we are raising our 2019 FFO estimate from $0.70 to $0.74 and our 2019E AFFO from $0.66 to $0.70, and our NAV estimate is increasing from $15.70 to $15.95. CTT is a REIT that owns and invests in timberlands located predominantly in the Southeastern U.S.”
According to TipRanks.com, Kucera is a 4-star analyst with an average return of 7.1% and a 70.9% success rate. Kucera covers the Financial sector, focusing on stocks such as NexPoint Residential Trust Inc, Consolidated-Tomoka Land Co, and Bluerock Residential Growth.
CatchMark Timber has an analyst consensus of Moderate Buy, with a price target consensus of $14.25.
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Based on CatchMark Timber’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.51 million. In comparison, last year the company had a GAAP net loss of $2.47 million.
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CatchMark Timber Trust, Inc. engages in the ownership, management, acquisition, and disposition of timberlands. It primarily engages in the ownership, management, acquisition and disposition of timberland properties located in the United States. The company was founded on September 27, 2005 and is headquartered in Atlanta, GA.