Paramount Group price target raised to $4.70 from $4.50 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Paramount Group to $4.70 from $4.50 and keeps an Equal Weight rating on the shares. While 23% rally since October was driven by higher levered REITs, Morgan Stanley sees another leg higher with rate-sensitive sectors leading, the analyst tells investors in a research note. The firm views the office REIT rally as on its last leg, and sees potential benefits to storage REITs if home sales rise.