Credit Suisse Downgrades Douglas Emmett Inc. (DEI) to Underperform

Credit Suisse downgraded Douglas Emmett Inc. (NYSE: DEI) from Neutral to Underperform with a price target of $29, saying operating metrics continue to disappoint.

Analyst I. Weissman commented, "We are maintaining our $29 TP, but are changing our rating to Underperform given the 6.0% forecasted total return, which is in the bottom 10% of our coverage universe. Our $28.34 NAV (plus 5% management premium) is driven by our IRR model that assumes a 6.25% un-leveraged IRR hurdle, avg. NOI growth of 2.8%, and CapEx as a % of NOI of 17%, all of which produces a 5.30% warranted going-in cap rate."

For an analyst ratings summary and ratings history on Douglas Emmett Inc. click here. For more ratings news on Douglas Emmett Inc. click here.

Shares of Douglas Emmett Inc. closed at $28.12 yesterday.

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