Jefferies Upgrades Highwoods Properties Inc. (HIW) to Buy

Jefferies upgraded Highwoods Properties Inc. (NYSE: HIW) to Buy with a price target of $34.00.

The firm noted that private market transaction suggest upside from current levels, the outlook for acquisitions has improved, and deployment should help drive growth over the long-term. In addition, below average leverage and stable occupancy contribute to defensiveness and liquidity profile should help fund acquisitions and development.

Jefferies also said the stock is attractive on valuation at a price of 1-year forward FFO multiple of 11.6x or a 7% discount to its 5-year average of 12.4x.

For more ratings news on Highwoods Properties Inc. click here and for the rating history of Highwoods Properties Inc. click here.

Shares of Highwoods Properties Inc. closed at $30.07 yesterday.

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