UPDATE: Jefferies Lowers PT on Corporate Office Properties Following 2Q13 Post Review
In a report published Monday, Jefferies analyst Omotayo Okusanya reiterated a Hold rating on Corporate Office Properties (NYSE: OFC), but lowered the price target from $26.00 to $24.00.
In the report, Jefferies noted, “While OFC has had success on the leasing front, particularly for new build-to-suit developments, 2Q13 results highlighted continued struggles related to weakness in the DC market and government contractor tenants who are reducing real estate footprints. With sequestration not expected to be resolved anytime soon and increased headwinds from unexpected occupancy losses, we remain cautious on OFC and reduce our PT to $24.”
Corporate Office Properties closed on Friday at $26.66.
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