UPDATE: Keefe, Bruyette & Woods Raises PT to $36 on Liberty Property Trust; Core NOI on Track
Keefe, Bruyette & Woods raises its price target from $32 to $36 on Market-Performed Liberty Property Trust (NYSE: LRY) as Q1 results show core NOI tracks in line with expectations.
Keefe, Bruyette & Woods notes, "LRY reported Q1 FFO/sh of $0.68, ahead on lower interest costs and lease termination fees. Upped 2012 guidance to $2.50-$2.65 from $2.45-$2.60 for pref redemption gain. With office/flex sales largely in rear-view mirror, LRY poised to return to growth mode: increasing industrial via acquisitions and select development. Slightly raising 2013e and moving PT to $36 from $32; maintaining Market Perform."
LRY closed at $35.84 on Monday.
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