Wells Fargo Upgrades Parkway Properties (PKY) to Market Perform; Value Potential Offsets Risks
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Price: $18.65 -3.62%
Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade PKY Now!
Wells Fargo upgraded Parkway Properties (NYSE: PKY) to Market Perform. Valuation range raised from $15-16 to $16-18.
Wells analyst says, "Q1 core results were better than we had anticipated and the leasing outlook appears to be improving. Given the recent run-up in shares for a number of PKY's suburban office peers, PKY's relative valuation is now more compelling, in our view. We believe PKY has solid upside potential, but pending known tenant move-outs in H1'12 and asset recycling goals are still sizable execution risks, which make us comfortable with a Market Perform rating. Our FY'11 FFO estimate is adjusted upward up $0.23 to $1.98 and our FY'12 FFO estimate is up $0.18 to $2.37."
For more ratings news on Parkway Properties click here and for the rating history of Parkway Properties click here.
Shares of Parkway Properties closed at $17.00 yesterday, with a 52 week range of $13.30-$20.51.
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Wells analyst says, "Q1 core results were better than we had anticipated and the leasing outlook appears to be improving. Given the recent run-up in shares for a number of PKY's suburban office peers, PKY's relative valuation is now more compelling, in our view. We believe PKY has solid upside potential, but pending known tenant move-outs in H1'12 and asset recycling goals are still sizable execution risks, which make us comfortable with a Market Perform rating. Our FY'11 FFO estimate is adjusted upward up $0.23 to $1.98 and our FY'12 FFO estimate is up $0.18 to $2.37."
For more ratings news on Parkway Properties click here and for the rating history of Parkway Properties click here.
Shares of Parkway Properties closed at $17.00 yesterday, with a 52 week range of $13.30-$20.51.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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