UPDATE: JP Morgan Cuts PT to $28 on Mack-Cali Realty on Lower 2013 Estimates

JP Morgan reiterated Mack-Cali Realty

at Neutral and reduced its price target from $30 to $28. JP Morgan said, "We are raising our 2012 FFO/share estimate by $0.03 to $2.65 and lowering our 2013 FFO/share estimate $0.07 to $2.53. in 2013, … [T]he estimate reduction is a function of lower NOI than we previously assumed (we lowered our year-end 2013 occupancy assumption) along with higher interest expense. … We rate CLI Neutral as result of our less bullish stance on suburban office trends compared to other segments of the REIT space. That said, we believe the company's balance sheet is quite strong and its valuation is fairly cheap." Mack-Cali Realty closed at $25.89 on Wednesday.