Friday December 28, 02:47 PM
Lexington Realty Trust "buy," target price reduced
NEW YORK, December 28 (newratings.com) - Analysts at Cantor Fitzgerald reiterate their "buy" rating on Lexington Realty Trust (ticker: LXP), while reducing their estimates for the company. The 12-month target price has been reduced from $24 to $19.
In a research note published this morning, the analysts mention that the company has announced a special dividend of $2.10 per share resulting from planned asset sales. While Lexington Realty Trust appears to be on track with its planned asset sales of approximately $1 billion, this is likely to create FFO and dividend volatility and uncertainty until the sales are closed in 2008, the analysts say. The FFO per share estimate for 2008 has been reduced from $1.63 to $1.44. © 2007 New Ratings
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