JPMorgan downgraded COPT Defense Properties to Neutral from Overweight with a $26 price target. The firm, which is making eleven ratings changes in conjunction with its 2024 REITs and Real Estate Services Outlook, likes the company’s defense IT and data center shell business, which should continue to experience consistent demand and outpace growth in the conventional office sector. However, it thinks any bottoming in the conventional office market could start to attract attention and make it harder for a very defensive name like COPT to attract capital.
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Read More on CDP:
- COPT Defense Properties price target raised to $26 from $25 at Evercore ISI
- COPT Defense Properties appoints Britt Snider as COO
- COPT Defense Properties price target lowered to $30 from $35 at BofA
- COPT Defense Properties sees 2023 adjusted FFO $2.39-$2.41, consensus $2.40
- COPT Defense Properties sees Q4 FFO 60c-62c, consensus 61c
