Saul Centers "neutral," estimates raised

11/09/07 - Robert W. Baird

NEW YORK, November 9 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Saul Centers Inc (BFS), while raising their estimates for the company. The target price is set to $61.

In a research note published this morning, the analysts mention that the company has posted its 3Q07 FFP per share ahead of the estimates and the consensus. Saul Centers is well positioned to achieve 6%-8% FFO per share growth going ahead, driven by contributions from development and 3%-4% same-store NOI growth, the analysts say. More visibility into the timing of either the Clarendon or Lexington Mall projects is likely to boost the company’s share price significantly, Robert W Baird adds. The EPS estimates for 2007 and 2008 have been raised from $2.75 to $2.76 and from $2.93 to $2.95, respectively.