Market Overview

UPDATE: Stifel Nicolaus Upgrades Lexington Realty Trust to Buy on Dividend Growth Potential

Share:
Related LXP
REIT Acquisitions Heat Up: Hospitals, Office Towers And Hotels Take Center Stage
COPT to Acquire Baltimore's Transamerica Building for $121M

Stifel Nicolaus raised its rating on Lexington Realty Trust (NYSE: LXP) from Hold to Buy and established a $10.75 price target.

On top of attractive dividend yields, Stifel Nicolaus noted, "Other positive attributes include: 1) continued efforts to transition into NNN peer group will prevail, 2) debt maturities can be refinanced at lower rates with little-to-no amortization which generates FFO growth, 3) our implied NOI/Cash Flow and CF less G&A cap rates are attractive at 8.5%/7.4%/6.8%, 4) LXP has one of the lowest 2013 FFO/FAD multiples at 9.8x/13.3x of any office/industrial REIT we cover, 5) LXP sites a tremendous amount of opportunity in the upcoming lease expiry in the now wholly owned NLS portfolio, as prior management neglected the portfolio, and 6) potential continued NAV value creation."

Lexington Realty Trust closed at $9.69 on Tuesday.

Latest Ratings for LXP

DateFirmActionFromTo
Jul 2015JefferiesMaintainsBuy
Jun 2015Bank of AmericaDowngradesBuyNeutral
Jun 2015KeyBancUpgradesUnderweightSector Weight

View More Analyst Ratings for LXP
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (LXP)

Get Benzinga's Newsletters