UPDATE: D.A. Davidson Initiates Coverage on First Potomac Realty Trust with Neutral Rating, $13 PT on Fair Valuation

In a report published Friday, D.A. Davidson analyst Barry Oxford initiated coverage on

with a Neutral rating and $13.00 price target. In the report, D.A. Davidson noted, “FPO shares are currently trading at a 12.8x multiple of consensus 2015 FFOPS—not the cheapest in the peer group, given that shares of six other companies have a lower multiple. Thus, we are on the sidelines with a NEUTRAL rating and $13 target. We would be buyers on a pullback below $11 and sellers on a run to $14.” First Potomac Realty Trust closed on Thursday at $12.33.