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CIBC World Upgrades PS Business Parks

CIBC World Markets upgrades PS Business Parks (PSB) to strong buy from buy. Late last week, the company acquired MetroPark North in Rockford, Md., for about $172 million.

Analyst Michael Mueller upgrades the stock on expected increased cash flow from the MetroPark North deal. He says the deal should add incremental $0.30 per share annually to the current run rate. He raises $3.14 '01 funds from operations (FFO) estimate to $3.15, and $3.40 '02 estimate to $3.50. He notes that the former '02 estimate assumed just $125 million of acquisitions that were spread throughout the year; the company's fourth quarter purchases of MetroPark North and Cornell Oaks Corporate Center alone have already exceeded his '02 full-year projection

He raises $31 price target to $36.

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