Starwood a Buy thanks to SWAY spinoff, says Compass Point


"The spinoff of the single-family rental segment into a separately traded public company (SWAY) will provide investors with the opportunity to purchase Starwood (STWD +0.3%) (and potentially STWD WI) at a discount to its intrinsic value of $34.50 (pre-spin)," says Compass Point, initiating Starwood with a Buy and $34.50 price target.

The 2nd catalyst is the potential for boosted dividend capacity thanks to the movement on LNR commercial servicing assets from a taxable REIT subsidiary to a qualified REIT subsidiary.

Previous coverage of Starwood and LNR

Previous coverage of SWAY spinoff

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