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Stifel Nicolaus reduces its rating on shares of BioMed Realty Trust
BMR and removes its previous target price of $21.
Stifel Nicolaus comments, "We are downgrading BioMed Realty to a Hold rating as we think: 1) BMR is fully valued with an Implied NOI/Cash Flow/CF less G&A cap rates of 6.4%/5.5%/4.8%, 2) BMR is trading below our 7.0%-7.5% Net Asset Value range estimate, 3) we think the ability to grow FFO via occupancy gains will be somewhat offset by rent roll-downs and lower rents (low yields) on space that has been vacant for an extended period of time, 4) which results in only 2.5% FFO growth for 2010 through 2013, and 5) full $435/SF relative to gross/adjusted replacement cost of $357/$323/SF."
BMR closed at $19.87 on Thursday.
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