UPDATE: KeyBanc Upgrades Mack-Cali Realty Corporation to Buy on Valuation, Fundamentals

KeyBanc upgraded Mack-Cali Realty Corporation

from Hold to Buy. KeyBanc noted, "We are upgrading CLI to BUY from HOLD to reflect the attractive valuation and the potential for fundamentals to exceed very low expectations. CLI trades at a 9.2% implied cap rate vs. 6.2% for the focused office REITs and 5.9% for the REITs overall (i.e., BDN trades at a 7.9% implied cap rate). With a 6.8% dividend yield and our $30 price target – which reflects an 8% discount to NAV – CLI offers an attractive 20% total return opportunity over the next year." Mack-Cali Realty Corporation closed at $26.33 on Wednesday.