JBG SMITH Properties, Cousins Properties down after BMO downgrades ratings

Cousins Properties

03/12/2024 17:20

** Office space REITs JBG SMITH Properties  JBGS.N  and
Cousins Properties  CUZ.N  down after BMO Capital Markets
downgrades rating on stocks
    ** JBGS shares down ~4% at $16.06 after brokerage downgrades
co to "underperform" from "market perform"
    ** Cites declining office occupancy after Amazon's HQ2
failed to be a giant tech magnet for National Landing; lowers PT
to $15 from $18 
    ** Also notes Elon Musk and Vivek Ramaswamy's "DOGE Plan to
Reform Government" has an unknown and potentially meaningful
impact on office and multifamily demand in JBGS's sole focus in
DC metro area
    ** CUZ shares down ~2% at $30.68 after brokerage downgrades
co to "market perform" from "outperform"
    ** Brokerages cites less conviction of CUZ's market
fundamentals despite its strong performance YTD and among
competition, raises PT by $1 to $32
    ** YTD, including session's moves, JBGS stock has fallen
5.5% while CUZ rose 26%

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))