Fly News Breaks for May 14, 2019
May 14, 2019 | 09:06 EDT
Baird analyst David Rodgers downgraded Washington REIT to Neutral from Outperform and lowered his price target to $28 from $30, telling investors in a research note that the challenging fundamentals underlying the company's current Metro D.C. portfolio are unlikely to improve in any meaningful way in the near-term. Rodgers says he views the risk-reward as balanced, given its "moderately" overleveraged balance sheet, a fair valuation for Class B, multi-property assets and a longer-term shift toward Multifamily that he thinks will prove dilutive, and says he is "incrementally cautious" on Washington REIT shares.
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