Jefferies Raises Price Target on Corporate Office Properties Trust (OFC) Following 4Q Review
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Rating Summary:
11 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Jefferies reiterated a Hold rating on Corporate Office Properties Trust (NYSE: OFC), and raised the price target to $23.00 (from $22.00), following a review of the company's 4Q. Growth of +2.5% in 4Q15, was a good improvement from +1.4% in 3Q15, +0.6% in 2Q15, and -1.1% in 1Q15. Additionally, management guided to +3.0-3.5% SS NOI growth for 2016. OFC also announced, in conjunction with earnings, that Roger Waesche will step down as President and CEO and will be replaced by Stephen Budorick, effective after the company's shareholder meeting in May. Given the weak performance of OFC shares over the past year, Jefferies thinks the change has contributed to some of the recent run-up of the stock.
Analyst Jonathan Petersen commented, "OFC's outlook going into 2016 is more optimistic than it has been in a few years. The company is not facing any large lease maturities in the year. Additionally, developments slated for completion in 2016 are, on average, 81.4% pre-leased, compared to 48.1% pre-leased at this time last year for projects coming online in 2015. As such, we see less downside risk for OFC, but not enough upside to move from the sidelines."
For an analyst ratings summary and ratings history on Corporate Office Properties Trust click here. For more ratings news on Corporate Office Properties Trust click here.
Shares of Corporate Office Properties Trust closed at $24.89 yesterday.
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