Jefferies Lowers PT on BioMed Realty Trust to $19 (BMR)

Jefferies is out with its report today on BioMed Realty Trust BMR, lowering its price target from $20 to $19. In a note to clients, Jefferies writes, "BioMed reported solid 4Q10 results and maintained its 2011 FFO per share guidance. However, there has recently been an increase in uncertainty related to potential future tenant move-outs and workforce reductions. The near-term impact will likely be manageable given that the tenants largely do not appear to have lease termination rights and any agreements would likely involve meaningful lease termination fees. We are lowering our 2011 and 2012 FFO/share estimates to $1.23 and $1.28 from $1.24 and $1.30. We are also lowering our price target to $19 from $20." Shares of BMR closed Monday at $17.22.