UPDATE: Miller Tabak Reiterates Hold Rating, Names $13.33 PT

In a report published Wednesday, Miller Tabak + Co. reiterated its Hold rating on Duke Realty Corp.

, and named a $13.33 price target. Miller Tabak noted, “To mix metaphors, changing a REIT's property mix is a little bit like turning a battleship -- it seems to take forever to see a recognizable change in direction, and nothing appears to be happening until the ship is clearly steaming ahead on its new course. We think these conditions well describe what Duke Realty has been experiencing the past two years, and likely will experience in 2013, as well. Nevertheless, we believe DRE's shift from roughly 55% suburban office/45% industrial to a targeted 60% industrial/25% medical/15% suburban office will make itself noticed, first and foremost, in an acceleration in the growth of DRE's estimated NAV per share, which we now estimate at $15.5/share vs. the previous $14.8.” Duke Realty Corp. closed on Tuesday at $13.42.