UPDATE: Jefferies Initiates Lexington Realty Trust at Buy; Defensive Play
Jefferies initiated coverage on Lexington Realty Trust (NYSE: LXP) with a Buy rating and an $11 price target.
Jefferies noted, "We are initiating coverage of LXP with a Buy rating and $11 PT. The portfolio of net-leased assets and the well covered 6.0% dividend yield provide a solid defensive position in an uncertain U.S economy. We also expect LXP's stock to experience multiple expansion over the next 12-24 months through 1) further de-levering of the balance sheet, 2) a broader suburban office recovery, and 3) LXP lengthening its portfolio lease duration."
Lexington Realty Trust closed at $10.11 on Wednesday.
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