UPDATE: Cantor Fitzgerald Upgrades DuPont Fabros Technology to Buy, Lowers PT

In a report published Wednesday, Cantor Fitzgerald upgraded its rating on DuPont Fabros Technology

from Hold to Buy, but lowered its price target from $29.50 to $28.00. Cantor Fitzgerald noted, “We adjust our 2012/2013 FFO/sh. ests. to $1.50/$1.93 from $1.51/$1.90, respectively, versus current consensus estimates of $1.51/$1.85. We adjust our 2012/2013 AFFO/sh. ests. to $1.27 and $1.63, respectively. Our updated NAV/sh. est. is $25.80, a decrease of $0.70 due to a 20bps increase to our applied cap rate. Unlevered/levered 10-yr IRRs are 12%/20%, unchanged from prior hurdles. We are revising our price target to $28.00 from $29.50 due to our revised NAV estimate.” DuPont Fabros Technology closed on Tuesday at $23.75.