UPDATE: Cantor Fitzgerald Downgrades Parkway Properties to Sell on Valuation
Cantor Fitzgerald downgraded Parkway Properties (NYSE: PKY) from Hold to Sell and raised the price target from $14.00 to $15.00.
Cantor Fitzgerald noted, "The stock has significantly outperformed year to date, returning 13% compared to 5% among office REITs and 4% for REITs overall (as well as 51% of outperformance over the prior 12 months). PKY continues to take significant strides in improving both the portfolio and balance sheet. The recent run in the stock is over-done, in our view, and is likely the result of the aforementioned improvements, coupled with the ongoing "beta rally.""
Parkway Properties closed at $15.82 on Wednesday.
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