Wachovia Downgrades Corporate Office Properties (OFC) to Underperform
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Wachovia downgrades Corporate Office Properties (NYSE: OFC) from Market Perform to Underperform with a $30 to $36 price range. The firm is downgrading OFC to reflect the premium equity pricing to its peers and its less robust recent leasing activity.
Analysts also said, "Our rating change to Underperform is more tactical than our early 2007 Underperform position, which was largely tied to the large Nottingham portfolio purchase. Tactically, we view enthusiasm in OFC shares through mid-Q2 2008 as less warranted in light of actual leasing performance--particularly within OFC’s development pipeline."
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