- Evercore ISI analyst Steve Sakwa added Paramount Group Inc PGRE to the firm's "Tactical Underperform" list.
- Sakwa does not expect Monarch Alternative Capital's offer to translate into an accepted buyout offer.
- The $12 offer falls short of his current net asset value per share estimate of $13.62 and his forward NAV estimate of just over $14.50 per share.
- He maintained an In-Line rating and $11 price target (5.8% upside) on Paramount Group shares, arguing that the downside price could be $9.50-$10.00 depending on the macro environment and noting that this "isn't too far from where the stock was trading before news of the offer hit."
- Price Action: PGRE shares traded lower by 4.35% at $10.34 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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