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Capital One Securities Inc. raises Liberty Property Trust to 'overweight'

CapitalOne Securities Inc. analyst Thomas J. Lesnick upgraded his investment opinion of to "overweight"from "equal weight," and increased his price target to $41 from $40.

The analyst wrote in a research report: "We are upgradingshares … and increasing our price target … on the closing of a meaningful, long-awaitedportfolio sale, which we view as a catalyst for the shares. The closing of LPT'spreviously-announced $969MM portfolio sale of 108 properties marks the end of achapter for the company. For the last few years, both LPT's earnings and NAV accretionhad been weighed down by underperformance of its suburban office portfolio. Whilethe company had been slowly recycling capital out of those underperforming officeassets and into class A industrial and office development, we had argued for a fasterpace. Finally, LPT ripped the band-aid off with this transaction, allowing for growthonce again. Not only does the earnings profile of the company change for the better,but LPT is now roughly 80% industrial and is one of the cheapest means by whichto gain industrial development exposure in portfolios given implied cap rate spreads."