UPDATE: Duke Realty (DRE) PT Raised to $66 at RBC Capital on Higher FFO

RBC Capital analyst Michael Carroll raised the price target on Duke Realty (NYSE: DRE) to $66.00 (from $65.00) after belatedly updating the model to incorporate 1Q22 earnings results. FFO estimates increase to $1.91/share (up $0.01/share) in 2022 and $2.14/share (up $0.02/share) in 2023.

The analyst reiterated an Outperform rating, stating "Our higher earnings outlook is primarily driven by stronger organic growth and development leasing. Our estimates imply a core earnings (excluding one-time items) growth rate of 10.2% in 2022 and 12.4% in 2023. Additionally, we are increasing our in place NAV by ~8.5% to $60.07/share assuming a 3.65% cash cap rate."

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