Mizuho Securities Upgrades Paramount Group (PGRE) to Neutral
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Mizuho Securities analyst Omotayo Okusanya upgraded Paramount Group (NYSE: PGRE) from Underperform to Neutral with a price target of $11.00 (from $8.00).
The analyst comments "We are upgrading PGRE to Neutral from Underperform as 2021 guidance provides increased earnings visibility (especially with the COVID-19 vaccine rollout suggesting a return to the office by 3Q21) and recent transactions which we believe support PGRE's valuation. PGRE still has several operating challenges, including the lease-up of the recently vacated Barclays space (~5% of revenue) at 1301 Sixth Avenue, but refinancing the maturing mortgage seems less of a headwind than we initially anticipated."
Shares of Paramount Group closed at $10.36 yesterday.
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