UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Lexington Realty Trust on Solid Foundation

In a report published Friday, Jefferies reiterated its Buy rating on Lexington Realty Trust

, and raised its price target from $11.00 to $13.00. Jefferies noted, “While guidance for 2013 was in-line with expectations, we believe LXP is setting a solid foundation for growth in 2014 and beyond, and we continue to view upside via: 1) meaningful development and acquisition potential, 2) attractive refinancing opportunities and lower cost of capital with a potential investment-grade rating, and 3) multiple expansion via de-levering and lengthening average lease terms. Maintain Buy, raising PT to $13.” Lexington Realty Trust closed on Thursday at $11.00.