Paramount Group resumed with Neutral, $5.50 target at BofA

BofA analyst Camile Bonnel resumed coverage of Paramount Group with a Neutral rating and $5.50 price target. The analyst is positive on the quality of Paramount’s assets but expects limited earnings growth potential given pressure to backfill known vacates and interest expense drag ahead with limited external investment opportunities. The firm has concerns over the company’s higher leverage and West Coast exposure.