UPDATE: Jefferies Raises PT on Realty Income Corp. to $37 (O)

Jefferies is out with its report today on Realty Income Corp. O, raising its price target from $36 to $37. In a note to clients, Jefferies writes, "We are revising our 2011 and 2012 FFO/share estimates to $1.99 and $2.05, from $2.04 and $2.10, respectively. The lower estimates reflect 1) our updated view that acquisitions will be a bit more back-weighted than we initially expected, 2) cap rates remaining low due to increasing competition and 3) equity raises timed more closely to timing of acquisition. We are also raising our price target to $37, from $36 to reflect a lower beta (0.95) vs. (1.00) since our last update to our DDM assumptions." Jefferies maintains Hold on O. At the time of posting, shares of O were trading at $35.38, up 0.20% from Thursday's close.