UPDATE: Jefferies Initiates Coverage on QTS Realty Trust with Buy Rating, $28 PT on Good Market Position

In a report published Monday, Jefferies analyst Omotayo Okusanya initiated coverage on

with a Buy rating and $28.00 price target. In the report, Jefferies noted, “With proper execution of its strategy, QTS is positioned to be one of the fastest growing REITs over the next few years given: 1) a low cost basis with attractive returns, 2) a significant runway for portfolio lease-up, and 3) meaningful development potential. We initiate with a Buy rating and $28 PT. Jefferies was a bookrunner on QTS's IPO that priced at $21/sh on 10/9/13.” QTS Realty Trust closed on Friday at $21.43.