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Oppenheimer & Co. upgrades Columbia Property Trust to 'outperform'

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Oppenheimer & Co. upgrades Columbia Property Trust to 'outperform'

Oppenheimer & Co. Inc. analyst upgraded hisinvestment opinion of ColumbiaProperty Trust Inc. to "outperform" from"perform," with a price target of $26.

Theanalyst wrote in a research report: "We believe CXP is close to anearnings inflection and this will drive multiple expansion, as investors startvaluing the stock like a high-barrier office REIT and forget about the earningsdilution from asset sales. We've been on the sidelines as management transformedthe portfolio. While we agreed with the strategy, we believe transition Storiestypically underperform in the public stock market. We are lowering our 2017 estimateby $0.16/share, due to the sale of the Houston portfolio. But this allows CXPto leave a non-core market, and the redeployment of the proceeds should boost growthin 2018."