Kilroy Realty (KRC) PT Raised to $72 at Baird After a Bullish Earnings Call

Baird analyst David Rodgers raised the price target on Kilroy Realty (NYSE: KRC) to $72.00 (from $67.00) while maintaining a Neutral rating after the the tone of the 2Q earnings call was substantially more optimistic than the economy warrants. KRC collected 95% of 2Q billings including 98% in Office, 32% in Retail, and 88% in Residential--the combination of which was largely in line with the peer group.

The analyst stated "KRC's generally limited collections issues to date, development NOI contribution in recent and coming quarters as well as its pre-funding of expenditures providing it a strong balance sheet each position the stock well over the next several years. In the near term, we anticipate that the lifting of rent moratoriums around LA could help others to outperform while sublease space could keep enthusiasm regarding San Francisco in check. Longer term, however, KRC should deliver robust earnings growth and value through development".

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