Morgan Stanley analyst Ronald Kamdem downgraded Highwoods Properties to Underweight from Equal Weight with a price target of $18, down from $22. Sun Belt fundamentals remain under pressure with class A market vacancy of 21.2% and the firm’s expectations for Highwoods’ occupancy to drop to 87.2% by year end 2024, the analyst tells investors in a research note. In addition, the firm sees risk to consensus estimates for 2024 given underappreciated occupancy headwinds and says the recent pricing on debt issuance and expected cap rates on potential sales may be underappreciated by the market.
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