Wells Fargo Downgrades Duke Realty (DRE) to Market Perform; Organic NOI Growth Potential Limited

Wells Fargo downgraded Duke Realty (NYSE: DRE) from Outperform to Market Perform with a price target range $13-$15 from $14-16.

Wells analyst says, "We believe DRE has made substantial strides to upgrade and reposition its portfolio, but we see limited value creation potential within the current portfolio, and we don’t believe the discount to NAV is compelling enough to warrant significant outperformance. DRE has modest development starts expected in 2012, and although these should provide NAV growth over time, its acquisition strategy has targeted relatively low-risk properties that have limited potential for near-term value creation, in our view."

For an analyst ratings summary and ratings history on Duke Realty click here. For more ratings news on Duke Realty click here.

Shares of Duke Realty closed at $13.51 yesterday.

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