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UPDATE: Citigroup Reiterates on Liberty Property Trust as Consensus for 2014 Seems Aggressive


In a report published Wednesday, Citigroup analyst Michael Bilerman reiterated a Neutral rating on Liberty Property Trust (NYSE: LRY), but lowered the price target from $40.00 to $36.00.

In the report, Citigroup noted, “Coming out of NAREIT, we are reducing our FFO estimates for Liberty to reflect a high implied cap rate on a large pending asset sale and a timing lag on reinvestment. Our new 2014 estimate is ~6% below the Street. We have also reduced our NAV and updated our implied cap rate analysis for all the moving parts (herein). We expect some clarity on the progression of FFO and what the run-rate could be by late 2014, when LRY provides guidance in mid-December. A negative reaction to guidance may provide a buying opportunity. Interestingly, sell side sentiment has eroded and there is now only 1 Buy rating and 10 Holds vs. ~35% Buy a year ago. For now, we maintain our Neutral rating. LRY provides good industrial exposure, an attractive dividend (~5.6%), which may be underfunded in the near term, but seems sustainable longer term, and a solid balance sheet (~40% debt/GAV). Implied cap of 7.2% seems reasonable, not compelling. TP to $36.”

Liberty Property Trust closed on Tuesday at $34.02.

Latest Ratings for LRY

Jan 2014BMO CapitalUpgradesMarket PerformOutperform
Dec 2013StifelUpgradesHoldBuy
Nov 2013CitigroupMaintainsNeutral

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