Paramount Group price target lowered to $4.50 from $5.30 at Morgan Stanley

Morgan Stanley analyst Ronald Kamdem lowered the firm’s price target on Paramount Group to $4.50 from $5.30 and keeps an Equal Weight rating on the shares. The firm is reducing its Office REIT price targets by moving multiples lower closer to Great Financial Crisis levels, given elevated leverage, tightening lending condition and potential occupancy pressure in the next 12-18 months.