Truist analyst Michael Lewis lowered the firm’s price target on Highwoods Properties to $28 from $35 and keeps a Buy rating on the shares. The firm lowered its 2023 FFO estimate to $3.76 per share from $3.80, and its 2024 FFO estimate to $3.68 from $3.81, largely due to higher interest expense, including the impact of the company’s recently announced $350M 10-year 7.65% bond issuance, the analyst tells investors in a research note. The financing is dilutive to earnings, but mitigates risks associated with what may remain a very challenging capital markets environment for the office sector in coming months, the firm says.
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Read More on HIW:
- Highwoods Elects Candice Todd to Board of Directors
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- Highwoods Properties updates FY23 FFO view to $3.73-$3.77 from $3.69 -$3.81
