J.P. Morgan Reduces PT on Corporate Office Properties to $32, Underweight

J.P. Morgan reduced its price target on Corporate Office Properties OFC from $35 to $32 after updating its model. In a research report published today, J.P. Morgan states, "We are updating our OFC model to reflect its recent equity offering and consequently lowering our 2011 FFO/share estimate $0.03 to $1.32 and lowering our 2012 FFO/share estimate $0.07 to $2.44. We note that our 2011 FFO/share estimate contains about $0.93/share of impairment charges in the first half of the year... Lastly, we are also lowering our price target from $35/share to $32/share to account for the recent equity issuance and updated financing assumptions." At the moment, J.P. Morgan has an Underweight rating on the company's stock. On Tuesday, Corporate Office closed at $31.74.