UPDATE: Jefferies Upgrades Highwoods Properties to Buy on Rent Spread and Occupancy Growth

Jefferies upgraded Highwoods Properties, Inc.

from Hold to Buy and raised the price target from $35.00 to $40.00. Jefferies noted, "Highwoods should be a beneficiary of improving suburban office fundamentals and will likely benefit from 1) positive rent spreads as leases signed in the trough roll in 2013-14, 2) long-term occupancy growth as the jobs outlook improves, 3) increasing acquisition/development opportunities, and 4) attractive debt refinancing. Additionally, HIW offers an attractive 5% dividend." Highwoods Properties closed at $34.33 on Monday.