UPDATE: Bank of America Initiates Parkway Properties at Buy on Positive Momentum
Bank of America initiates coverage on Parkway Properties (NYSE: PKY) with a Buy rating and a $16.25 price objective.
Bank of America said, "PKY is in the process of repositioning its portfolio by selling non-core assets and buying higher quality with vacancy in target infill submarkets. The strategy has helped PKY improve its competitive position within its markets, and grow occupancy, operating margins and dividend coverage. PKY has better leverage than most office REITs and should benefit from additional leaseup. PKY's 3.3% dividend yield and 9.6% upside to our PO suggest a 12.9% total potential return, and a Buy rating."
Parkway Properties closed at $14.83 on Monday.
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