Here's Why Evercore ISI Added Paramount To Its 'Tactical Underperform' List

March 7, 2022 2:34 PM | 1 min read | Make a Comment

Evercore ISI analyst Steve Sakwa added Paramount Group Inc PGRE to the firm's "Tactical Underperform" list.
Sakwa does not expect Monarch Alternative Capital's offer to translate into an accepted buyout offer.
The $12 offer falls short of his current net asset value per share estimate of $13.62 and his forward NAV estimate of just over $14.50 per share.
He maintained an In-Line rating and $11 price target (5.8% upside) on Paramount Group shares, arguing that the downside price could be $9.50-$10.00 depending on the macro environment and noting that this "isn't too far from where the stock was trading before news of the offer hit."
Price Action: PGRE shares traded lower by 4.35% at $10.34 on the last check Monday.