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In a report published Thursday, Stifel Nicolaus analyst John Guinee upgraded Corporate Office Properties Trust (NYSE: OFC) from Hold to Buy, and named a $31.00 price target.
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In the report, Stifel Nicolaus noted, “We toured numerous Corporate Office Property Trust (and other REIT) assets in the Washington, D.C. marketplace recently, and our now upgrading OFC from Hold to Buy. We expect OFC to be a 'net winner' in the downsizing, rightsizing, and quality upgrading that are all occurring as a result of the conflation of their strategic customers. The primary unknown, and implied risk, with this 'sausage making exercise' will be the actual rental rates and undisclosed lease terms necessary to gain the occupancy. The tenant rep brokers engaged in this exercise are bulldogs. Additionally, we expect development to deliver at accretive spreads in 2014.”
Corporation Office Properties Trust closed on Wednesday at $27.54.