COPT Defense Properties price target raised to $31 from $30 at Truist

Truist analyst Michael Lewis raised the firm’s price target on COPT Defense Properties (CDP) to $31 from $30 and keeps a Hold rating on the shares. The company has 14% of total lease revenue expiring in Q4 and $400M of 2.25% bonds maturing in 1Q26, but tenant retention should continue to be very high and the recently closed new five-year bond offering had an attractive rate of 4.5%, the analyst tells investors in a research note. Truist adds that COPT fundamentals remain strong and perhaps investors will like the stock more after it addresses a good portion of the near-term lease expirations, the firm added.