Mizuho Securities Raises Price Target on Brandywine Realty Trust (BDN) to $17 Following Solid 1Q

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."

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

Shares of BrandyWine closed at $14.27 yesterday.

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