UPDATE: Stifel Reiterates On Brandywine Realty Trust Following Investor Meetings

In a report published Wednesday, Stifel's John Guinee reiterated a Buy rating on

, and raised the price target from $15.00 to $16.50. In the report, Stifel noted, “We recently hosted Brandywine management for investor meetings. Our take-aways are as follows: BDN will likely fund growth in the target markets of Philadelphia, Austin and Washington, D.C. with the proceeds from asset sales as it exits non-core markets. Fundamentals remain strongest, with actual rent growth, in Austin, the Philadelphia CBD and the crescent markets of Radnor and Conshohocken - submarkets representing approximately 45% of NOI. "We are increasing our target price to $16.50/sh. Most importantly for the long term, the TEV/SF of $198 is very attractive vs. gross/adjusted replacement cost of $305/$228. This indicates low in-place rents and, hopefully, an ability to grow rents over time.” Brandywine Realty Trust closed on Tuesday at $15.39.