UPDATE: JP Morgan Upgrades Corporate Office Properties to Neutral on New Leases, Risk Improvement
JP Morgan raised its rating on Corporate Office Properties (NYSE: OFC) from Underweight to Neutral with a reiterated $23 price target.
JP Morgan commented, "We are upgrading our rating to Neutral from Underweight on the heels of OFC leasing 115k SF at its development at 7205 Riverwood Road and the stock's underperformance YTD (+12.5% vs. the +19.4% group average). While these items alone are not entirely the catalyst, they are part of a number of items that when taken together suggest to us that the worst is behind the OFC story. The company has right-sized its dividend, continues to reduce leasing risk, and has made substantial progress in its strategic reallocation plan."
Corporate Office Properties closed at $23.34 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.