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Fly News Breaks for May 29, 2019
ACC
May 29, 2019 | 08:03 EDT
JMP Securities analyst Aaron Hecht downgraded American Campus to Market Perform from Outperform after the stock hit his $49 price target. In a research note to investors, Hecht says his firm's checks at UC Berkeley indicate that the 6,000 bed RFP will likely end up being fee-based development, which takes one of his previously expected catalysts off the table. For 2019 and 2020, Hecht lowered his core FFO estimates from $2.44 and $2.55 to $2.41 and $2.51 per share, respectively.
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