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Stifel Nicolaus & Co. raises Liberty Property Trust to 'hold'

StifelNicolaus & Co. Inc. analyst John Guinee upgraded his investment opinionof Liberty PropertyTrust to "hold" from "sell."

The analyst wrote in a research report: "We areupgrading to Hold from Sell as we think: 1) the industrial fundamentals willremain strong nationally, 2) Liberty has attractive real estate valuationmetrics, 3) attractive 2017 FFO/FAD/sh multiples, 4) a development oriented platform,and 5) the balance sheet is solid, in our view. Negatives include 1) modestexecution risk, 2) long track record of earnings and value erosion at a fixedcap, 3) $341mm land bank which is a very high 3.8% of TEV."