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Fly News Breaks for October 26, 2015
LXP, SLG, HIW
Oct 26, 2015 | 05:45 EDT
Jefferies analyst Jonathan Petersen upgraded Highwoods Properties (HIW) to Buy citing the stock's discount to net asset value as well as recent improvement in the company's markets. Petersen views Highwoods as one of the best office operators among the REITs and recommends investors increase exposure to to the Manhattan and Southeast markets. He raised his price target for shares to $49 from $44. His top picks in the Office REIT space are Highwoods, SL Green Realty (SLG) and Lexington Realty (LXP).
News For HIW;SLG;LXP From the Last 2 Days
HIW
Mar 28, 2024 | 07:32 EDT
Morgan Stanley raised the firm's price target on Highwoods Properties to $21 from $18 and keeps an Underweight rating on the shares. The firm notes that over the next two years, there are 26M square foot of lease expirations that may pose further downside risk to office REIT occupancy and has dissected expirations and existing vacancies in about 50 real estate investment trust properties that represent about 50% of total expirations to estimate which REITs are best positioned to protect occupancy and which may be at greater risk of losing occupancy. Based on its analysis, the firm identifies SL Green (SLG) and Vornado (VNO) as two REITs that "stand out positively" given they have the lowest lease expirations, best submarket exposure and have disclosed a significant amount of backfilling, while it continues to monitor activity at Highwoods, Hudson Pacific (HPP) and Office Properties (OPI), the analyst tells investors.
SLG
Mar 26, 2024 | 20:11 EDT
As previously reported, Barclays analyst Brendan Lynch upgraded SL Green Realty to Equal Weight from Underweight with a price target of $48, up from $35. The company has led the office industry in changing the narrative around post-Covid office demand, but while the continued leasing momentum could propel the stock higher, its balance sheet constraints keep the firm on the sidelines, the analyst tells investors in a research note. SL Green Realty has the weakest balance sheet in the firm's coverage, but it stands to benefit the most if/when the Fed cuts interest rates, Barclays added.