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