RBC cuts City Office REIT's PT on conservative leasing

City Office REIT

29/12/2022 11:48

** RBC Capital Markets cuts PT on real estate company City
Office REIT Inc  CIO.N  to $11 from $14, citing conservative
leasing activity
    ** Post-COVID return to office can be a positive catalyst,
though many offices have announced long-term work-from-home
plans - brokerage
    ** RBC anticipates tougher operating environment as higher
interest rates are expected to weigh
    ** Brokerage maintains "sector perform" rating on stock; new
PT still implies ~34% upside on last close
    ** As of last close, stock down ~58% YTD
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com))