Paramount Group downgraded to Underperform at BofA on challenging fundamentals

As previously reported, BofA downgraded Paramount Group to Underperform from Neutral with a price target of $4, down from $5. Challenging fundamentals are “the new norm” for office REITS, says the firm, which cites a lack of visibility on when operations will stabilize in its downgrade of Paramount and two other office REITS.