COPT Defense Properties price target raised to $38 from $33 at BTIG

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.