Oppenheimer Assigns Outperform On Shares Of Highwoods, $46 PT


Oppenheimer analyst Steve Manaker assigned an Outperform rating on Highwoods (NYSE:HIW) with a price target of $46.00.

Manaker wrote, “We are maintaining our Outperform rating on HIW but lowering our 2014 estimate due to reported 3Q14 FFO three cents below consensus and four below OpCo. Management lowered guidance by one cent at the midpoint. A key reason for our miss was an unanticipated occupancy drop in Raleigh, NC office (where in 3Q14, HIW sold one asset and bought another). We estimate the occupied square footage fell by 129,000 square feet between 2Q14 and 3Q14, with one-third from the assets sold and purchased. Despite the miss and modestly lower guidance, HIW remains one of our favorite names in the space. We believe its markets continue to strengthen and developments should provide incremental growth through 2017.”

 

 

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts