UPDATE: Bank of America Reiterates on Corporate Office Properties Trust on Cybersecurity Growth
In a report published Thursday, Bank of America analyst James Feldman reiterated a Buy rating on Corporate Office Properties Trust (NYSE: OFC), and raised the price target from $28.00 to $30.00.
In the report, Bank of America noted, “Corporate Office Properties Trust (OFC) is a specialized Office REIT focused on developing and leasing space for government and defense contractor tenants near the key facilities for the US Government's Cyberdefense initiative. Until very recently, OFC had been out of favor despite relatively healthy core operations on concerns the stalemate on Capitol Hill would weigh on growth and tenant demand. We upgraded OFC to Buy late last year on the belief a more collaborative environment in Congress and for the Budget would finally help the shares close their multi-year underperformance gap to REITs. While this outperformance has started, we see more ahead with improvement in leasing, development starts, and Cybersecurity sector growth as catalysts. We reiterate our Buy rating with a $30 PO.”
Corporation Office Properties Trust closed on Wednesday at $26.39.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.