Real Estate Investment Trust Brookfield Properties rise on upgrade

Shares of office real estate investment trust Brookfield Properties Corp. climbed Monday after a Canaccord Adams analyst upgraded the stock on valuation.

Brookfield’s stock gained 67 cents, or 2.9 percent, to $23.59 in afternoon trading on heavy volume.

In a client note, analyst Shant Poladian raised his rating to “Buy” from “Hold,” but also trimmed his price target to $28.25 from $30.25.

“Taking into account the high quality of Brookfield’s office portfolio, strong organic growth, healthy development pipeline and proven management track record, we believe the discount to net asset value is unwarranted,” the analyst wrote.

Net asset value, or NAV, is the underlying value of a REIT’s properties.