Clipper Realty price target lowered to $8 from $11 at JMP Securities

JMP Securities analyst Aaron Hecht lowered the firm’s price target on Clipper Realty to $8 from $11 and keeps an Outperform rating on the shares. Clipper reported Q3 core FFO in line with consensus estimates, with the company benefiting from the Flatbush Gardens Article XI deal, which drove 28% FFO growth y/y, the analyst tells investors in a research note. The firm believes shares are currently oversold, and continues to be a buyer at current levels.