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BMO Capital Markets Corp. initiates coverage of TIER REIT at 'outperform'

BMOCapital Markets Corp. analyst John Kim initiated coverage of with a rating of"outperform," and a price target of $19.

The analyst wrote in a research report: "We areinitiating … $19 price target. TIER has the highest exposure to the boomingAustin office market (we estimate 30% of NOI pro forma), and a $604mmdevelopment pipeline. We believe a discounted valuation is justifiable givendilution from dispositions and Houston leasing, and an uncovered dividend.However, we view the current discount (39%) as an attractive entry point, andwill narrow as TIER continues to execute its plan."