Duke Realty (DRE) PT Raised to $56 at Baird

August 2, 2021 7:42 AM EDT
Get Alerts DRE Hot Sheet
Price: $49.53 +0.22%

Rating Summary:
    16 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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Baird analyst David Rodgers raised the price target on Duke Realty (NYSE: DRE) to $56.00 (from $48.00) while maintaining an Outperform rating.

The analyst commented, "We are raising our FFO estimates through YE22 and establishing a strong growth outlook of 7-8% over the next several years on the heels of accelerating market rent growth, a healthy embedded mark-to-market as well as an increased outlook for development starts during 2H21 and beyond. Our valuation now reflects an increased portfolio mark in rents as well as an NPV for future development--similar to what we have assigned to all Industrial peers this quarter. We are buyers of DRE."

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