Cantor Fitzgerald increases its target price on Sell-rated Digital Realty DLR as it updates the company's earnings model on revised near-term pipeline assumptions.
Cantor Fitzgerald notes, "Digital Realty remains the best-in-class proven datacenter
operator and developer, with earnings growth that will outpace most equity REIT peers. However, we continue to view the current valuation levels as expensive (currently a 26.1% premium to our NAV). Our $69.00 price target applies a 20% premium to NAV, representing a -0.8% return, inclusive of the dividend, comparing unfavorably to our RMZ expectations of 11.1%."
DLR closed at $72.50 yesterday.
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