Sandler O'Neill & Partners LP analyst downgraded his investment opinion of Liberty Property Trust to "sell" from"hold," and decreased his price target to $37 from $42.

Theanalyst wrote in a research report: "The Industrial sector is experiencingsome of its best fundamentals of the cycle as demand is healthy, asset pricingstrong, and supply in check. Growth of e-commerce and other same-dayfulfillment businesses has added more demand for LPT's close-to-urban centerportfolio. Yet despite the shift out of higher capex, lower growth suburbanoffice to focus more on industrial assets, LPT's same store NOI profile ispretty much unchanged at 0% - 2%. While management mentioned leasing downtimedrag, we note peers face the same issue annually without an outsized impact.Thus, with LPT up 30.1% YTD (versus SNL Industrial Index of +22.4% and RMZ+4.2%) and no incremental growth catalysts on the horizon, we downgrade to SELLfrom HOLD."