Mizuho Securities Upgrades Paramount Group (PGRE) to Neutral

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."

For an analyst ratings summary and ratings history on Paramount Group click here. For more ratings news on Paramount Group click here.

Shares of Paramount Group closed at $10.36 yesterday.

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