Wells Fargo upgraded Parkway Properties Inc. (NYSE: PKY) to Market Perform from Underperform following the company's Q1 results and raised its target range for shares to $16 to $18 from $15 to $16.
Net loss in Q1, was $6.8 million, or $0.32 per diluted share, as compared with a net loss of$1.3 million, or $0.06 per diluted share, for the three months ended March 31, 2010.
Shares last traded at $17, down 2.02 percent on Tuesday. PKY has a 52-week low of $13.30 and a 52-week high of $20.51. The company has a total market cap of $0.39 billion. The price to earnings ratio of the company is 6.31, and the PEG ratio is 1.65.
Parkway Properties Inc., a real estate investment trust (REIT), engages in the operation, acquisition, ownership, management, and leasing of office properties. It operates and invests principally in office properties in the southeastern and southwestern United States and Chicago. Parkway Properties is based in Jackson, MS.
