J.P. Morgan Reiterates Neutral Rating, $16 PT on Duke Realty Corp.
In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $16.00 price target on Duke Realty Corp. (NYSE: DRE).
J.P. Morgan noted, “We are updating our DRE model and estimates. We are lowering our 2012 ‘clean' FFO/share estimate from $1.04 to $1.02 and lowering our 2013 FFO/share estimate by from $1.13 to $1.10. The estimate reduction is primarily a function of lower JV FFO and a variety of smaller items. Our 2012 estimate is at the midpoint of DRE's guidance range of $1.00 to $1.04 and is $0.02 above Bloomberg consensus. Our 2013 FFO/share estimate is in line with the Bloomberg consensus. Additionally, we are introducing a 2014 FFO estimate of $1.16, which is $0.02 above the Bloomberg consensus.”
Duke Realty Corp. closed on Friday at $13.74.
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