UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Parkway Properties
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Parkway Properties (NYSE: PKY), and raised its price target from $12.00 to $14.00.
BMO Capital noted, “We are increasing our 2012 and 2013 FFO estimates by $0.08 and $0.09, respectively, to $1.33 and $1.35. However, this change is mainly definitional as our estimate methodology is NAREIT + acquisition costs, whereas PKY's guidance of $1.24-$1.30 is pure NAREIT. For example, our $1.33/share official estimate for 2012 equates to $1.26 on a NAREIT basis (our previous estimates did not reflect this distinction). That being said, PKY has done a solid job transitioning the story and, as we discuss above, the new leadership at PKY deserves credit for that. Target to $14 from $12.”
Parkway Properties closed on Friday at $13.75.
Latest Ratings for PKY
|Dec 2014||Stifel Nicolaus||Downgrades||Buy||Hold|
|Sep 2014||Wells Fargo||Upgrades||Market Perform||Outperform|
|Sep 2014||Capital One Financial||Initiates Coverage on||Equal-weight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.