UPDATE: Wunderlich Initiates Coverage on Campus Crest Communities on Unique Investment Opportunity

In a report published Friday, Wunderlich Securities analyst Craig Kucera initiated coverage on Campus Crest Communities (NYSE: CCG) with a Buy rating and $13.50 price target.

In the report, Wunderlich Securities noted, “We are initiating coverage of Campus Crest Communities, Inc. (CCG) with a Buy rating and a $13.50 price target. CCG has grown rapidly since its 2010 IPO, expanding most recently into the townhome segment by acquiring a substantial joint venture interest in an off-campus townhome portfolio targeted toward upperclassmen and graduate students. We believe that CCG offers a unique opportunity to invest in multifamily housing in a more defensive, growth-oriented fashion because the company works with colleges and universities across the country to develop and hold student housing assets. There is a long runway in front of this company that we do not believe is captured in its current valuation.”

Campus Crest Communities closed on Friday at $10.05.