Clipper Realty downgraded to Underperform from Outperform at Raymond James

Raymond James analyst Buck Horne double downgraded Clipper Realty to Underperform from Outperform without a price target. The analyst sees a lack of visibility around when Clipper will be able to re-tenant 250 Livingston after New York City’s Human Resources Administration informed the company it would not be renewing its lease, which triggered a loan covenant with the property’s mortgage lender. The firm expects New York Citi to terminate its remaining lease in 2025. “It is our concern that 250 Livingston might become just the first domino that eventually leads to a dilutive equity raise to recapitalize CLPR‘s balance sheet,” the analyst tells investors in a research note.