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Stifel Nicolaus & Co. raises Kilroy Realty to 'buy'

StifelNicolaus & Co. Inc. analyst John Guinee raised his investment opinion ofKilroy Realty "buy" from "hold," with a price target of $75.

The analyst wrote in a research report: "We downgradedKilroy Realty on 21 OCT 2015, and are now upgrading to Buy as: 1) the deliveryof 350 Mission and 333 Brannan (641k SF, 100% occupied) drove value at a 5% caprate up roughly $3.00/sh, 2) we think the self-funding model will continue, 3)expect a possible $500mm +/- joint venture sale to be at a sub 5% cap rate andstructured to be tax deferred, 4) expect KRC to maintain a conservative balancesheet; currently one of the best in the office REIT sector, in our view, 5)think portfolio-wide rental rate growth will continue to be strong, 6) believecore portfolio operating numbers will continue to improve, 7) estimate solid2014-2017 normalized FFO/FAD/sh compound annual growth, 8) while we areconcerned that tech headline news may cause short term angst, we think thecurrent valuation metrics and long term strength of the primary KRC marketswill outweigh the headline news."