JMS Starts First Potomac Realty Trust (FPO) at Buy
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Janney Montgomery Scott initiates coverage on First Potomac Realty Trust (NYSE: FPO) with a Buy rating and a $21 price target.
The firm calls First Potomac "one of the few equity REITs with identifiable catalysts on the horizon" given management's focused attempts to strategically repositioning the company this year. JMS expects management to strengthen its balance sheet, which will reduce investor concern in regards to the potential for a dividend cut.
JMS notes that at 10.6x the firm's FY08 FFO estimate of $1.65, First Potomac trades at a 19.4% discount to its industrial REIT peers and at a 25.8% discount to the average REIT.
First Potomac Realty Trust, a real estate investment trust (REIT), engages in the ownership, development, redevelopment, and operation of industrial properties and business parks in the Washington, D.C. metropolitan area, and other markets in Maryland and Virginia.
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