BTIG raised the firm’s price target on COPT Defense Properties (CDP) to $38 from $33 and keeps a Buy rating on the shares. COPT’s quarterly FFO/share run rate is up 8.9% from a year ago as the company has executed 2.9M square feet of leasing within its operating portfolio, completed two opportunistic acquisitions with a total expected investment of $52.9M, and started three new developments totaling $187.9M, all on a leverage neutral basis, the analyst tells investors in a research note. The company’s macro tailwinds remain intact, internal and external growth opportunities are accelerating, the ability to self-fund new investments is a differentiator, and valuation has further room to improve, BTIG argues.
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Read More on CDP:
- COPT Defense Properties management to meet with BTIG
- COPT Defense Properties Announces Strong Q3 2024 Results
- COPT Defense reports Q3 adjusted FFO 65c, consensus 64c
- COPT Defense raises FY24 FFO view to $2.56-$2.58 from $2.54-$2.58
- COPT Defense sees Q1 FFO 64c-66c
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
