UPDATE: Oppenheimer Upgrades Columbia Property Trust (CXP) to Outperform

(Updated - January 24, 2017 9:29 AM EST)

Oppenheimer upgraded Columbia Property Trust (NYSE: CXP) from Perform to Outperform with a price target of $26.00.

Analyst Steve Manaker commented, "We upgrade CXP to Outperform from Perform, and institute a $26 price target, implying a 25.5% return inclusive of 12 months of the current dividend. We believe CXP is close to an earnings inflection and this will drive multiple expansion, as investors start valuing the stock like a high-barrier office REIT and forget about the earnings dilution from asset sales. We've been on the sidelines as management transformed the portfolio. While we agreed with the strategy, we believe transition stories typically underperform in the public stock market. We are lowering our 2017 estimate by $0.16/share, due to the sale of the Houston portfolio. But this allows CXP to leave a non-core market, and the redeployment of the proceeds should boost growth in 2018. (Return calculations exclude applicable costs including interest and commission.)"

For an analyst ratings summary and ratings history on Columbia Property Trust click here. For more ratings news on Columbia Property Trust click here.

Shares of Columbia Property Trust closed at $21.76 yesterday.

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