UPDATE: Cantor Fitzgerald Initiates Buy, $12 PT on Parkway Properties
Cantor Fitzgerald initiates a Buy rating with a $12 price target on Parkway Properties (NYSE: PKY) as it sees the company's fundamentals reaching an inflection point.
Cantor Fitzgerald says, "We have forecasted submarket level job growth within each of Parkway's markets and have in turn calculated proprietary rent and vacancy forecasts. The key takeaways are that Parkway's core markets are at a turning point in terms of vacancy levels, and many of the markets are also close to experiencing rental rate growth on a sequential basis. While we contend that Parkway's occupancy growth will be gradual, we expect that rental rate roll downs will remain negative for several years."
PKY closed at $10.35 a share on Thursday.
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