UPDATE: Morgan Stanley Upgrades First Potomac Realty Trust to Overweight, Raises PT on Expected Higher Occupancy

In a report published Tuesday, Morgan Stanley analyst Vance H. Edelson upgraded the rating on First Potomac Realty Trust

from Equal-Weight to Overweight, and raised the price target from $13.00 to $18.00. In the report, Edelson noted, “Our property deep-dive suggests the market is underestimating the eventual NAV creation through the repositioning of FPO's portfolio. Our NAV estimate of $18.30 is 22% above the current stock price. We believe FPO will achieve higher-than-expected occupancy through 1) new portfolio management initiatives and 2) progress on redevelopment properties and our broker channel checks support our view.” First Potomac Realty Trust closed on Monday at $14.48.