DuPont Fabros Technology shares rise after analyst upgrades to ‘Strong Buy’
By APFriday, February 12, 2010
DuPont Fabros shares rise after upgrade
SAN FRANCISCO — Shares of real estate investment trust DuPont Fabros Technology Inc. rose Friday after a Raymond James analyst upgraded the stock to “Strong Buy,” saying the company’s success at leasing properties should help growth continue.
DuPont Fabros shares added 73 cents, or 4.3 percent, to $17.59 in afternoon trading. The stock has ranged from $4.60 to $18.50 over the past year.
In a note to clients, analyst William Crow increased his price target by a dollar to $20. His previous rating on the stock was “Market Perform.”
The analyst said the company’s leasing in Chicago and Virginia should lead to “significant” net operating income and net asset value growth in the next few quarters, and pre-leasing in New Jersey should also help.
Crow said the company’s fourth-quarter results, which were released Wednesday, were “slightly better than expected” and noted that the company’s outlook for 2010 was higher than analysts expected.
DuPont Fabros reported fourth-quarter funds from operations of 5 cents per share. Analysts polled by Thomson Reuters expected 3 cents per share.
The company predicted 2010 funds from operations of $1.25 to $1.45 per share. Analysts expect $1.20 per share.
