KeyBanc Downgrades Kilroy Realty (KRC) to Underweight; See Pressures in 2012
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Price: $36.31 -1.86%
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc downgraded Kilroy Realty (NYSE: KRC) from Hold to Underweight with a price target of $35.00.
KeyBanc analyst says, "Similar to Boston Properties (NYSE: BXP), this downgrade largely reflects our view that high multiple REITs could come under pressure in 2012. In our December 19, 2011 initiation, we voiced concerns that KRC’s valuation looked stretched and much of the upside from occupancy gains has been realized following the 1,000 bps rebound from trough levels to 92.8%. We were able to look past our valuation concern given our favorable view of West Coast office fundamentals, and KRC’s portfolio repositioning and move into San Francisco. However, the stock has since appreciated by 8.7% (vs. 5.4% for the MSCI US REIT Index), which puts the valuation above our comfort zone."
For an analyst ratings summary and ratings history on Kilroy Realty click here. For more ratings news on Kilroy Realty click here.
Shares of Kilroy Realty closed at $39.09 yesterday.
KeyBanc analyst says, "Similar to Boston Properties (NYSE: BXP), this downgrade largely reflects our view that high multiple REITs could come under pressure in 2012. In our December 19, 2011 initiation, we voiced concerns that KRC’s valuation looked stretched and much of the upside from occupancy gains has been realized following the 1,000 bps rebound from trough levels to 92.8%. We were able to look past our valuation concern given our favorable view of West Coast office fundamentals, and KRC’s portfolio repositioning and move into San Francisco. However, the stock has since appreciated by 8.7% (vs. 5.4% for the MSCI US REIT Index), which puts the valuation above our comfort zone."
For an analyst ratings summary and ratings history on Kilroy Realty click here. For more ratings news on Kilroy Realty click here.
Shares of Kilroy Realty closed at $39.09 yesterday.
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