UPDATE: JP Morgan Raises PT to $17 on Pennsylvania REIT Post Q4 Report

JP Morgan maintained Pennsylvania REIT

with an Underweight rating but raised the price target from $15.00 to $17.00. JP Morgan analyst Michael Mueller noted, "We are updating our model post 4Q earnings. As a result, we are increasing our normalized 2013 FFO estimate (excludes $0.04/share of one time costs) from $1.84 to $1.97. Note, our reported 2013 FFO estimate (including one-time items) also increases from $1.81 to $1.92. In addition, we are increasing our 2014 FFO estimate from $1.90 to $2.03. Finally, we are increasing our YE 2013 price target $2/share, to $17/share." Pennsylvania REIT closed at $18.74 on Tuesday.