Mizuho Securities reiterated a Buy rating on Brandywine Realty Trust (NYSE: BDN), and raised the price target to $17.00 (from $16.00), following the company's 1Q earnings report. BDN raised its 2016 same store NOI growth forecast to 4%-5% (cash basis), up from 2%-4% previously. FFO guidance was also increased by $0.025 at the midpoint to $0.88-$0.94.

Analyst Richard Anderson commented, "BDN reported a solid 1Q16 -- beating our FFO estimate by $0.02 and raising 2016 guidance accordingly. The biggest driver to the 1Q16 uptick was leasing success, with the mark-to-market target on 2016 activity up 200bps (GAAP basis) versus the prior guidance, to +10%. The "repricing and rediscovery" of Philadelphia seems to be gaining the traction we expected, and hence we are applying a higher PT multiple to the stock -- from 17x 2016 AFFO, to 19x. As a result, our PT goes to $17 from $16, and we reiterate our Buy rating."

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Shares of BrandyWine closed at $14.27 yesterday.