Wednesday, October 5, 2011
Yanlord
Yanlord: JP Morgan retain O/w with TP $1.40. Note that access to funding not an issue for now. Prepared for landbanking opportunities and current FY12 budget has assumed the existing macro conditions, especially on the lending side. Retain O/w, TP unchanged at $1.40, based on a 50% discount to RNAV estimate of $2.73/share.
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