COPT Defense Properties upgraded to Buy from Hold at Jefferies

Jefferies upgraded COPT Defense Properties to Buy from Hold with a price target of $28, up from $26. The path to achieving the company’s 4%annual funds from operations growth through 2026 is clearer with the guidance on February 8, but is not reflected in Street estimates or the stock’s multiple, the analyst tells investors in a research note. The firm sees potential for a “beat-and-raise story” with consensus still below the midpoint of the 2024 guidance, which it says should help re-rate the stock trading in line with traditional office.