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Tuesday, 09 May 2000

UBS Warburg Initiates Crescent Real Estate at Strong Buy

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May 10, 2000

(NewsTraders.com) – Crescent Real Estate Equities (NYSE: CEI) was inaugurated with a "strong buy" opinion in new coverage today from UBS Warburg's Anthony Davis, who also dished out a $25 price target for the stock.

At current prices, Davis considers Crescent his "top idea" in the REIT sector, and advised investors to get in on the stock now, before the company returns to form, as evidence to date indicates the company is getting back on track.

For 2000 and 2001, Davis established funds from operations per share estimates of $2.40 and $2.75, respectively, representing a growth rate of 14.6 percent, well above the UBS Warburg REIT industry average of 8.8 percent.

Honing in on projected earnings, Davis thinks that the $0.52 per-share first-quarter consensus estimate is too low since hotels are performing above budget and office rent growth is ahead of plan.

In addition, the analyst believes that investors are underestimating management's commitment to its share buyback plan.

On the valuation end, Davis said that Crescent trades at nearly a 30 percent discount to his net asset value estimate, and twice the REIT industry's discount.


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: REITS -general (REITS), Research (RES)
  • Company: Criimi Mae
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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