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UPDATE: Jefferies Downgrades Highwoods Properties to Hold on Valuation

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Jefferies lowers its rating on Highwoods Properties (NYSE: HIW) from Buy to Hold as valuation now fully reflects the company's fundamentals. Price target goes up from $35 to $36.

Jefferies notes, "1Q12 results and HIW's 2012 guidance raise show that fundamentals are improving in HIW's markets. However, meaningful growth will likely come from acquisitions and developments. In our view, HIW's premium valuation and recent stock run (+19% YTD vs. 7.5% for the FTSE NAREIT Office Index) now reflect HIW's better growth prospects versus its suburban office peers. With valuation increasingly full, we are downgrading to Hold from Buy."

HIW closed at $35.15 on Wednesday.

Latest Ratings for HIW

DateFirmActionFromTo
Dec 2014CitigroupMaintainsNeutral
Sep 2014Capital One FinancialInitiates Coverage onEqual-weight
Mar 2014McNicoll Lewis VlakInitiates Coverage onHold

View More Analyst Ratings for HIW
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Downgrades Price Target Pre-Market Outlook Analyst Ratings

 

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