UPDATE: Jefferies Initiates Lexington Realty Trust at Buy; Defensive Play

Jefferies initiated coverage on Lexington Realty Trust 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.