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Fly News Breaks for February 7, 2019
PDM
Feb 7, 2019 | 07:19 EDT
As previously reported, Stifel analyst John Guinee upgraded Piedmont Office Realty to Hold from Sell and raised his price target to $20 from $16, stating that he estimates that the share count reduction via repurchases added 45c-75c per share in NAV. Piedmont's high levels of asset sales and share repurchases caused significant volatility previously, but value creation demonstrated a big jump in Q4, said Guinee, who still voices concern that FFO growth remains weak despite reducing the share count by 11%.
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