UPDATE: Compass Point Research & Trading Downgrades First Potomac Realty Trust to Neutral, Reiterates $14 PT
In a report published Friday, Compass Point Research & Trading downgraded its rating on First Potomac Realty Trust (NYSE: FPO) from Buy to Neutral, and reiterated its $14.00 price target.
Compass Point noted, “We are downgrading FPO to Neutral and maintaining our $14.00 PT. Our downgrade takes into account the uncertainty associated with the new strategic and capital plan (announced on 1/24/13 and discussed below), ongoing uncertainty in the DC leasing environment, and the considerable appreciation of FPO's share price over the past several months. FPO has made considerable progress reducing leverage over the past year and the new capital plan should move them significantly down the path towards an investment grade rating. However, we suggest that investors looking for dividend and NAV growth focus elsewhere in the meantime.”
First Potomac Realty Trust closed on Thursday at $13.88.
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