J.P. Morgan Reiterates Neutral Rating, $16 PT on Duke Realty Corp.

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $16.00 price target on Duke Realty Corp. DRE. J.P. Morgan noted, “We are updating our DRE model and estimates. We are lowering our 2012 ‘clean' FFO/share estimate from $1.04 to $1.02 and lowering our 2013 FFO/share estimate by from $1.13 to $1.10. The estimate reduction is primarily a function of lower JV FFO and a variety of smaller items. Our 2012 estimate is at the midpoint of DRE's guidance range of $1.00 to $1.04 and is $0.02 above Bloomberg consensus. Our 2013 FFO/share estimate is in line with the Bloomberg consensus. Additionally, we are introducing a 2014 FFO estimate of $1.16, which is $0.02 above the Bloomberg consensus.” Duke Realty Corp. closed on Friday at $13.74.