BofA lowered the firm’s price target on Armada Hoffler (AHH) to $7.50 from $9 and keeps an Underperform rating on the shares. Armada Hoffler has historically been a large mixed-use developer, but it has slowed new projects and last week its President of Construction resigned, notes the analyst while updating the firm’s model for earnings. The firm cites geographic concentration, leasing/development risk and relatively high leverage for its Underperform rating.
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