Mack-Cali Realty (CLI) PT Raised to $26 at Stifel

Stifel analyst John Guinee raised the price target on Mack-Cali Realty (NYSE: CLI) to $26.00 (from $25.00) while maintaining a Buy rating.

Analyst comments: "We are raising our target price to $26.00/sh from $25.00/sh. The $26/sh target price is a conservative estimate relative to the Bow Street offer of roughly $27-29/sh. There are two primary variables; value of the office portfolio and value of the Multifamily spin into a publicly traded entity. If we value the multifamily at our NAV, the office portfolio is effectively valued at an 7.8% cap rate and $259/SF."

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