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UPDATE: JP Morgan Upgrades Piedmont Office Realty Trust to Overweight on Occupancy and Balance Sheet Catalysts

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JP Morgan upgraded Piedmont Office Realty Trust (NYSE: PDM) from Neutral to Overweight and raised the price target from $19.00 to $21.00.

JP Morgan noted, "We believe PDM has been an “under the radar” name in the office sector that investors will begin to pay attention to more in the coming quarters. The company has a wide gap between its cash-paying and leased space and as this gap closes, it should translate into about $0.20/share (20-25%) of cash NOI growth over the next several years. We think this, along with its strong balance sheet, could bode well for some valuation expansion."

Piedmont Office Realty Trust closed at $18.70 on Tuesday.

Latest Ratings for PDM

DateFirmActionFromTo
May 2016D.A. DavidsonMaintainsNeutral
Feb 2016JP MorganMaintainsNeutral
Jan 2016BairdDowngradesOutperformNeutral

View More Analyst Ratings for PDM
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Posted-In: JP MorganAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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