Compass Point maintained a Buy rating on One Liberty Properties OLP and raised its price target from $18 to $21.
Compass Point commented, “Our price target increase reflects declining cap rates among OLP's portfolio of triple net leased retail, office, and industrial buildings as well as slightly higher NOI due to rent bumps. While lower cap rates bode well for NAV, they are pricing out OLP from otherwise attractive acquisition opportunities, and as such we are also lowering our 2012 FFO estimate to $1.52 from $1.61 and introducing our 2013 FFO estimate at $1.63.”
One Liberty Properties closed at $19.09 on Monday.
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