J.P. Morgan Underweight On Pennsylvania REIT (PEI)

J.P. Morgan Chase & Co. has an Underweight rating and a $12 price target on Pennsylvania REIT (NYSE: PEI).

In a note sent to clients, J.P. Morgan writes, "After 3Q earnings, we are publishing our updated PEI model and estimates. We are slightly lowering our 4Q'10 FFO/share estimate by $0.01 to $0.54, but maintaining our 2010 FFO/share estimate of $1.83. We are also raising our 2011 and 2012 FFO/share estimates by $0.08 and $0.05 to $1.73 and $1.75, respectively."

Shares of PEI lost 20 cents yesterday to close at $13.57, a loss of 1.6%.