UPDATE: Stifel Upgrades Highwoods Properties Inc. (HIW) to Buy
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(Updated - October 27, 2016 11:07 AM EDT)
Stifel upgraded Highwoods Properties Inc. (NYSE: HIW) from Hold to Buy with a price target of $55. Analyst John W. Guinee noted sees attractive valuation.
"As we become more concerned about the Manhattan-centric office REITs we cover, and think the better low barrier office REITs are offering comparable growth at more attractive valuation metrics, we are upgrading Highwoods to Buy," said Guinee.
The analyst added "Positives for Highwoods Properties include: 1) $415mm, 74% leased, very accretive development pipeline, 2) one of few low barrier office REITs we cover with dependable FFO/FAD growth, 3) simplicity premium, 4) continued de-levering to sub-30% debt to Market Cap and a debt/EBITDA of 4.8x, 5) via ATM issuance of $80.3mm of equity, which is a very attractive cost of capital, 6) decreased G&A going forward, 7) YE16 $0.75-$1.00/sh special dividend, 8) potential dividend increase, 9) the Sunbelt growth story deserves and gets little push-back, 10) value creation at a fixed cap rate continues."
Shares of Highwoods Properties Inc. closed at $49.39 yesterday.
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