Digital Realty Trust DLR dominant market position in the wholesale data center space gives it a major competitive advanatge vs. peers in regards to taking
full advantage of strong fundamentals in the data center real estate market, which is poised to continue to see positive demand/supply fundamentals for the next five years.
2011 FFO/sh guidance of $3.70-$3.90 was reaffirmed. Some
investors were clearly expecting a raise and were somewhat
disappointed about this. Management, however, made it a point to stress that they have beaten guidance in five of the last six years.
Jefferies remain at $3.87, above $3.80 guidance mid-point and consensus of $3.82 due to the fact that: mgmt guidance assumes flat mark-to-market on any outstanding lease expirations in 2011, when MTM has been in the mid double digits for 2011 expirations that have already been addressed.
Jefferies has a Buy rating and $67 PT on DLR
DLR closed Thursday at $52.88
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