UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Liberty Property Trust

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Liberty Property Trust

, but slightly lowered its price target from $38.00 to $37.00. Deutsche Bank noted, “As has been the case for some time, LRY continues to see improving fundamentals in the industrial business into 2013, while suburban office improvement remains more muted in light of slow job growth and office densification trends. For both segments, larger corporate users remain more active, with smaller tenants more cautious. Operationally, LRY is looking for a 1-2% gain in avg total portfolio occupancy and a -7 to -2% GAAP rent spread (-12 to -7% cash spread). The occupancy gain was a bit better than our prior +0.5% est, while the spread outlook was worse than our prior +0.3% est.” Liberty Property Trust closed on Tuesday at $34.75.