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In a report published Tuesday, Morgan Stanley analyst Vance H. Edelson downgraded the rating on Piedmont Office Realty Trust
PDM from Equal-Weight to Underweight, but reiterated the $18.00 price target.
In the report, Edelson noted, “An office REIT so diverse that there's little room for outperformance. Most of PDM's markets remain sluggish and we also see company-specific operating performance challenges, including rent roll downs and heightened lease expirations. Government exposure and heavy debt maturities add to the risk.”
Piedmont Office Realty Trust closed on Monday at $19.52.
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