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On Tuesday, Citizens JMP analysts maintained a Market Outperform rating for Greystone Housing Impact Investors LP (NYSE:GHI), currently trading at $11.28 with a market cap of $261 million, but reduced the price target from $17.50 to $16.00. The revision reflects a change in the required yield and book value multiple for the company’s shares. According to InvestingPro data, GHI has maintained dividend payments for 40 consecutive years, currently offering an attractive 13% yield.
The new price target is based on a required yield of 9.3% and a book value multiple of 0.82 times as of December 31. Previously, the price target was set with an 8.5% required yield and a book value multiple of 0.81 times. The adjustment in the price target suggests a recalibration of the expected performance metrics for Greystone. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with analyst targets ranging from $15 to $17.50.
Chris Muller, the analyst at Citizens JMP, provided commentary on the decision to adjust the price target. He stated, "We lower our price target on shares of Greystone Housing Impact Investors LP (GHI, MO) to $16.00 (9.3% required yield, 0.82x December 31 book value) from $17.50 (8.5% required yield, prior book value multiple of 0.81x)."
The reiteration of the Market Outperform rating indicates that Citizens JMP continues to view Greystone Housing Impact Investors LP positively, despite the lowered price target. The firm’s analysts believe that the company’s stock still has the potential to outperform the market, even with the revised expectations.
Investors and market watchers will take note of this updated financial analysis as they consider their positions in Greystone Housing Impact Investors LP. The new price target of $16.00 reflects the latest valuation assessment by Citizens JMP based on the company’s financials and market conditions. For deeper insights into GHI’s financial health, which InvestingPro rates as FAIR, subscribers can access the comprehensive Pro Research Report, available exclusively on the platform along with additional financial metrics and analysis tools.
In other recent news, Greystone Housing Impact Investors LP reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $0.39, which exceeded analyst expectations of $0.27. However, the company’s revenue fell short, reaching $22.59 million compared to the anticipated $25.82 million. Analysts from Raymond (NSE:RYMD) James, including Stephen Laws, responded by lowering their price target for Greystone to $17.00, while maintaining an Outperform rating, citing the company’s solid credit performance despite the revenue miss. Meanwhile, JMP analysts, led by Chris Muller, upheld a Market Outperform rating and a price target of $17.50, emphasizing the demand for affordable housing and Greystone’s robust credit performance. Greystone also disclosed supplemental financial information for Q4 2024, highlighting the company’s operations but not constituting a complete set of financial statements. The firm continues to focus on its joint venture with BlackRock (NYSE:BLK), aiming to enhance cash available for distribution (CAD) through strategic sales of joint venture equity investments. Investors are closely monitoring these developments, particularly as Greystone anticipates further joint venture sales in 2025 and 2026, which could positively impact future CAD.
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