UPDATE: Baird Equity Research Downgrades DuPont Fabros Technology to Neutral, Raises PT as Return Outlook is Balanced Given Recent Performance

In a report published Monday, Baird Equity Research analyst David B. Rodgers downgraded the rating on DuPont Fabros Technology DFT from Outperform to Neutral, but raised the price target from $27.00 to $28.00. In the report, Baird Equity Research noted, “DFT's solid 3Q13 leasing performance, its more measured pace of development and the potential CEO transition have combined to drive strong performance for the REIT during 2H13. While we believe that some level of M&A activity surrounding DFT is likely, we also believe that the relative upside even to a takeout valuation nearer $32/sh presents only modestly more upside than our outlook for data centers and the REIT market in general.” DuPont Fabros Technology closed on Friday at $27.67.