JPMorgan downgraded Kilroy Realty (KRC) to Neutral from Overweight with a price target of $44, down from $46. The shares have performed well year-to-date but Kilroy’s earnings estimates have trended lower, the analyst tells investors in a research note. The firm sees uncertainty around the company’s funds from operations run rate in the next couple years as it navigates the lease-up of KOP II and some tenant move-outs.
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