UPDATE: Cantor Fitzgerald Upgrades BioMed Realty from Hold to Buy

Cantor Fitzgerald upgraded BioMed Realty BMR from a Hold to a Buy rating and reiterates a price target of $20.50. Cantor Fitzgerald notes, “Lab space fundamentals have held up year to date, as Biomed has continued to lease the portfolio ahead of our expectations. Additionally, the company continues to acquire assets, most notably in Cambridge, U.K. We have revised our forward FFO estimates and NAV/ share calculation (unchanged at $18.50) to account for activity announced by Biomed to date. Although we have revised our forward estimates, our core valuation remains unchanged; that said, the stock has underperformed YTD (up 6.1%, vs. 18.0% for REITs overall), providing what we view as an attractive (relative) entry point.” BioMed Realty closed at $18.76 on Monday.