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Tuesday, June 28, 2016 5:02:09 PM
By Stephen Alpher, SA News Editor
NexPoint Residential Trust has the "right strategy in the right markets," says Canaccord's Ryan Meliker, initiating coverage with a Buy and $20 price target (vs. current $18.27).
The company's M is to buy B-quality multifamily properties in the Southeast and Southwest and then boost rents/lower cap rates with renovation. Meliker sees 2016 same-store NOI of 15.4% vs. sector peers at 6.3%, with similar outperformance through 2018.
Remaining renovations to be completed should boost NAV by $7.37 per share, possibly driving 40% upside in the stock.
He also starts coverage on Monogram Residential, but it just rates a Hold. While the stock trades at a 12% discount to NAV, headwinds should persist until H2 2017. Among those is a retail shareholder base in the money at about $10 per share (current is $9.97), a preferred equity hurdle that caps the stock at about $11.50 in the near-term, and a development pipeline only expected to stabilize in H2 2017.
http://seekingalpha.com/news/3190840-nexpoint-leads-apartment-names-positive-coverage
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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