Goldman Sachs analyst Caitlin Burrows downgraded Kilroy Realty (KRC) to Neutral from Buy with a price target of $36, down from $42. Weaker office demand post pandemic has led to low retention and downsizings by tenants, especially on the West Coast, creating a “persistently elevated amount” of available office space in Kilroy’s key markets, the analyst tells investors in a research note. The firm says the company’s office markets need to experience a “significant” pickup in demand in order to improve occupancy, which is not a scenario it expects in the near future.
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Read More on KRC:
- Hold Rating on Kilroy Realty Amidst Weaker West Coast Office Demand and Declining FFO Growth
- Kilroy Realty initiated with a Hold at Jefferies
- Kilroy Realty price target lowered to $39 from $44 at RBC Capital
- Kilroy Realty downgraded to Equal Weight from Overweight at Wells Fargo
- Kilroy Realty upgraded to Overweight from Equal Weight at Barclays