RBC cuts PT of Office Properties Income Trust on weak Q3

Office Properties Income Trust

29/12/2022 13:18

** RBC Capital Markets cuts PT on Office Properties Income
Trust  OPI.O , a real estate investment trust (REIT), to $16
from $21
    ** Brokerage maintains "sector perform" rating on stock; new
PT implies an upside of ~19% to stock's last close
    ** PT cut to reflect company's Q3 earnings missing
brokerage's estimates, conservative lease assumptions and higher
interest rates
    ** Broader return to office can help serve as a positive -
RBC
    ** Company in October reported Q3 normalized fund from
operations of $1.11/shr vs RBC est of $1.15/shr
    ** As of last close, stock down ~46% YTD 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com))