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Investment analysts at Wunderlich started coverage on shares of City Office REIT (NYSE:CIO) in a note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. Wunderlich’s price target points to a potential upside of 28.00% from the company’s current price.

The analysts wrote, “We are initiating coverage of City Office REIT, Inc. (CIO) with a Buy rating and a $16 price target. CIO is an externally managed office REIT with a focus on non-Gateway markets that are underinvested by much of the institutional investment community and where market cap rates remain attractive. The external advisor (Second City) has a track record of successfully acquiring significantly undervalued assets and creating value via selective capex investment and improvements to operations, leading to occupancy gains. “While the distressed point of the cycle may have passed, CIO’s value creation strategy and market focus has significant room for expansion: current office valuations are attractive at 73% off their peak in our estimation and fundamentals are improving.”

Shares of City Office REIT (NYSE:CIO) opened at 12.50 on Friday. City Office REIT has a 52-week low of $12.25 and a 52-week high of $12.60. The stock’s 50-day moving average is $12.48 and its 200-day moving average is $12.48. The company’s market cap is $100.1 million.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, July 17th. Investors of record on Thursday, July 3rd will be given a dividend of $0.183 per share. This represents a $0.73 dividend on an annualized basis and a yield of 5.86%. The ex-dividend date of this dividend is Tuesday, July 1st.

Several other analysts have also recently commented on the stock. Analysts at Janney Montgomery Scott initiated coverage on shares of City Office REIT in a research note on Tuesday. They set a “buy” rating and a $15.00 price target on the stock. Analysts at Oppenheimer initiated coverage on shares of City Office REIT in a research note on Monday. They set an “outperform” rating and a $15.00 price target on the stock.

City Office REIT, Inc is formed to acquire, own and operate office properties located within its specified target markets in the United States.

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