In a report released today, Merrill Ross from Boenning & Scattergood maintained a Buy rating on City Office REIT (NYSE: CIO), with a price target of $14.50. The company’s shares closed yesterday at $12.65.
Ross wrote:
“We believe office REIT stocks in general are discounted because many market participants view rising long-term rates as a sign of a cyclical peak, but we think that CIO’s targeted markets have strong demand drivers. Based on CIO’s earnings results and prospects, we believe our investment thesis is intact and we maintain our Outperform rating and $14.50 price target.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -1.0% and a 48.9% success rate. Ross covers the Financial sector, focusing on stocks such as Bluerock Residential Growth, Gladstone Commercial Corp, and Monmouth Real Estate ate.
City Office REIT has an analyst consensus of Moderate Buy, with a price target consensus of $14.25.
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The company has a one-year high of $13.93 and a one-year low of $10.03. Currently, City Office REIT has an average volume of 240.7K.
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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.
