UPDATE: Stifel Upgrades DuPont Fabros Technology (DFT) to Buy
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(Updated - October 7, 2016 9:51 AM EDT)
Stifel upgraded DuPont Fabros Technology (NYSE: DFT) from Hold to Buy with a price target of $43. Analyst Matthew S. Heinz said its business isn't nearly as bad as stock suggests and raised its rating based on valuation.
"We are upgrading DFT to Buy from Hold following a -20% correction in the shares since 6/30 (near peak, RMZ -8%) and a de-rating of the multiple to historically attractive levels (11.9x 2017E AFFO). We believe the correction discounts an expectation of weaker 3Q leasing activity (in relation to 1H16 peak levels), despite what should be a record year of signings for DFT in 2016, providing a solid setup for 2017 earnings growth. From current prices, we see 18% total return potential to our $43 target price, based on 13.5x our 2017 AFFO estimate," said Heinz.
Shares of DuPont Fabros Technology closed at $38.02 yesterday.
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