UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on PS Business Parks on Model Update

In a report published Friday, J.P. Morgan reiterated its Overweight rating on PS Business Parks (NYSE: PSB), and raised its price target from $73.00 to $78.00.

J.P. Morgan noted, “While we generally favor CBD office exposure over suburban, we think the combination of its relative valuation lease-up potential from its recent acquisitions (including its December Northern California acquisition) and its balance sheet firepower should enable the stock to perform well in 2012.”

PS Business Parks closed on Thursday at $73.99.