OFC - Corporate Office Properties upgraded Boston Properties cut by Truist

Truist analyst Michael Lewis upgrades Corporate Office Properties Trust ([[OFC]] +0.1%) to Buy from Hold as its stock appears a better opportunity because it didn't participate in the recent rally of other office REITs.OFC "remains almost completely unaffected by the pandemic, as most tenants are high-credit defense contractors and do not have the option to work from home," Lewis writes his note.Projects steady FFO growth and calls risk-reward attractive with 22.5% upside.Lifts OFC, OFC 2021 FFO estimate to $2.23 from $2.19 and 2022 estimate to $2.34 from $2.30; raises price target to $32 from $30.Downgrades Boston Properties (BXP) to Hold as he doesn't expect the stock to return to a high-teens or higher multiple within the next 12 months.BXP drops 2.2%.The downgrade isn't necessarily drive by a significant change in Lewis's broader fundamental view, "even if near-term earnings for BXP do look a bit softer than we previously expected," he

For further details see:

Corporate Office Properties upgraded, Boston Properties cut by Truist