UPDATE: KeyBanc Upgrades BioMed Realty Trust to Buy on Lease-Up and Accretive Acquisitions
KeyBanc upgraded BioMed Realty Trust (NYSE: BMR) from Hold to Buy and announced a $24.00 price target.
KeyBanc commented, "Following strong execution on the leasing front, a pipeline of accretive investment activity and a reloading of the balance sheet, we are upgrading shares of BioMed Realty Trust (BMR-NYSE) to BUY from HOLD, and establishing a $24 per share price target. Supported by significant strength in the life science sector, the Company made impressive progress on the leasing front over the last five quarters, driving portfolio occupancy up by more than 500 bps to a healthy 89.2%; we suspect the recent robust pace of FDA drug approvals and private capital investment will translate into additional occupancy upside over the next year."
BioMed Realty Trust closed at $20.97 on Wednesday.
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