KeyBanc Starts Douglas Emmett (DEI) at Buy; Still Room to Run

KeyBanc initiates coverage on Douglas Emmett (NYSE: DEI) with a Buy. PT $22.00.

KeyBanc analyst says, "Despite the year-to-date total return outperformance of 710 bps and 1,360 bps relative to the MSCI US REIT Index (RMS) and the office group, respectively, the stock represents one of the more attractive opportunities among the class A office landlords. Office fundamentals on the West side of Los Angeles continue to improve and submarkets, such as Santa Monica, have been the beneficiary of media and technology employment gains. The ability to drive occupancy represents the largest source of earnings and NAV upside, in our view, as the office portfolio occupancy recently troughed in 2Q11. Beyond the high quality office portfolio, the multifamily portfolio represents a significant source of value."

For an analyst ratings summary and ratings history on Douglas Emmett click here. For more ratings news on Douglas Emmett click here.

Shares of Douglas Emmett closed at $17.88 yesterday.

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