In a report published Monday, Goldman Sachs analyst Andrew Rosivach initiated coverage on QTS Realty Trust QTS with a Buy rating and $27.00 price target.
In the report, Goldman Sachs noted, “QTS completed its IPO on October 9, 2013. We initiate coverage at Buy, with a 12-month price target of $27. Our Buy rating is based on: (1) high expected returns from its development pipeline (re-purposed space rather than greenfield development); and (2) a discounted valuation relative to our coverage universe. QTS has been able to produce a 15% ROIC to date on redevelopment, and its existing footprint (raised floor space can be nearly tripled from current levels within existing facilities) creates a path for QTS to continue.”
QTS Realty Trust closed on Friday at $21.43.
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