UPDATE Cantor Fitzgerald Raises PT to $69 on Digital Realty

Cantor Fitzgerald increases its target price on Sell-rated Digital Realty

as it updates the company's earnings model on revised near-term pipeline assumptions. Cantor Fitzgerald notes, "Digital Realty remains the best-in-class proven datacenter operator and developer, with earnings growth that will outpace most equity REIT peers. However, we continue to view the current valuation levels as expensive (currently a 26.1% premium to our NAV). Our $69.00 price target applies a 20% premium to NAV, representing a -0.8% return, inclusive of the dividend, comparing unfavorably to our RMZ expectations of 11.1%." DLR closed at $72.50 yesterday.