Jefferies Downgrades Highwoods Properties Inc. (HIW) to Hold

May 10, 2012 7:55 AM EDT
Get Alerts HIW Hot Sheet
Price: $52.31 +0.73%

Rating Summary:
    5 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 22 | New: 54
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Jefferies downgraded Highwoods Properties Inc. (NYSE: HIW) from Buy to Hold but lifts its price target from $35 to $36 citing valuation.

The firm comments, "1Q12 results and HIW's 2012 guidance raise show that fundamentals are improving in HIW's markets. However, meaningful growth will likely come from acquisitions and developments. In our view, HIW's premium valuation and recent stock run (+19% YTD vs. 7.5% for the FTSE NAREIT Office Index) now reflect HIW's better growth prospects versus its suburban office peers. With valuation increasingly full, we are downgrading to Hold from Buy."

The firm lifts FY12 EPS from $2.76 to $2.81.

For an analyst ratings summary and ratings history on Highwoods Properties Inc. click here. For more ratings news on Highwoods Properties Inc. click here.

Shares of Highwoods Properties Inc. closed at $35.15 yesterday.

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