Highwoods Properties price target lowered to $30 from $31 at Wells Fargo

Wells Fargo lowered the firm’s price target on Highwoods Properties (HIW) to $30 from $31 and keeps an Equal Weight rating on the shares. The firm notes that 25 REITs it covers reported with 17 beats, 4 meets, and 4 misses. Wells continues to hear from generalist investors that REIT valuations look compelling, and the group offers a good defensive hedge in portfolios. Good REIT performance as the broader market pulled back this week provided some evidence, Wells adds.