Stifel Nicolaus analyst Denese Newton maintained a Hold rating on Triple Point Social Housing REIT PLC (SOHO – Research Report) yesterday and set a price target of p57.00.
Denese Newton has given his Hold rating due to a combination of factors impacting Triple Point Social Housing REIT PLC. The company’s recent re-assignment of the management contract and proactive engagement with tenants are expected to bring stability and earnings growth in the upcoming fiscal year. However, the shares are trading at a significant discount compared to the sector average, primarily due to the non-payment of rent by two tenants, Parasol and My Space.
Despite the re-tenanting of Parasol properties and potential resolution for My Space, there remains uncertainty from a failed portfolio sale intended to prove value and return proceeds to shareholders. Additionally, the company’s earnings per share were slightly below forecasts, and while the dividend was maintained, it was not fully covered. These factors contribute to the Hold rating as the company works towards resolving outstanding issues and stabilizing its financial performance.
According to TipRanks, Newton is ranked #4923 out of 9386 analysts.