Duke Realty (DRE) PT Raised to $44 at Mizuho Securities
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Mizuho Securities analyst Omotayo Okusanya raised the price target on Duke Realty (NYSE: DRE) to $44.00 (from $43.00) while maintaining a Buy rating.
The analyst commented, "Already solid 2021 FFO/sh guidance (up 8% YoY) likely includes a layer of conservatism to account for continued uncertainty surrounding the pandemic. We think DRE could be in a position to raise guidance by 2Q21 given strong fundamentals and tailwinds (see below). Management's comment that the ~8% FFO/sh and AFFO/sh growth in 2020 is achievable on a consistent basis going forward lends credence to the multi-year earnings growth story we forecast for DRE. Continued efforts to increase Tier 1 market exposure by gross asset value (70% goal by YE 2021) should help DRE to further close the valuation gap vs. peers like PLD. We are raising our estimates and PT, and maintain our Buy Rating."
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