UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Corporate Office Properties Trust

In a report published Wednesday, J.P. Morgan & Co. reiterated its Neutral rating on Corporate Office Properties Trust

, and raised its price target from $23.00 to $27.00. J.P. Morgan noted, “We are updating our model to reflect OFC's recent $205 million equity offering. We are lowering our 2012 FFO estimate $0.01, to $2.07. Note that our new full year estimate of $2.07 is towards the upper end of management's $2.02-2.08 guidance (based on the NAREIT definition - i.e. including a $0.01 debt extinguishment gain, a $0.01 gain on non-operating properties, and a $0.02 preferred redemption charge).” Corporate Office Properties Trust closed on Tuesday at $25.55.