Clipper Realty downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Clipper Realty to Market Perform from Outperform without a price target after a tenant notified the company of its intention to vacate, which was announced in conjunction with the Q4 results. The tenant, the City of New York, also occupies Clipper’s other office property, 141 Livingston, which brings another layer of uncertainty, the analyst tells investors in a research note. Considering the office tenant uncertainty, along with high leverage and a lack of scale, JMP believes the shares are fairly valued at this time.