UPDATE: Stifel Nicolaus Downgrades DCT Industrial Trust to Hold on Valuation
Stifel Nicolaus reduced its rating on DCT Industrial Trust (NYSE: DCT) from Buy to Hold and removed its previous $6.50 price target.
Stifel Nicolaus said, "We are downgrading to Hold from Buy due to 1) a very full valuation of an implied NOI/Cash Flow/CF less G&A cap rate of 6.3%/5.0%/4.1%, 2) our expectation that DCT Industrial sales for the remainder of 2012 may be at higher than expected cap rates, which will put pressure on 2013 valuation metrics, 3) we think other industrial REITs offer better current valuation metrics or better evolving platforms."
DCT Industrial Trust closed at $6.50 on Wednesday.
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