Duke Realty DRE shares are trading higher after Bank of America upgraded the stock from Underperform to Neutral on valuation.
Analyst James Feldman wrote about the effect of the market’s recovery on landlords.
“Capital flows remain robust and are increasingly moving to secondary and suburban markets for higher yields. This should put downward pressure on cap rates in DRE’s markets.”
The $18.25 price objective is based on an internal growth rate of 3.3 percent, from 2.75 percent.
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