As previously reported, Evercore ISI upgraded Paramount Group (PGRE) to Outperform from In Line with a price target of $8, up from $4.50, after the company announced that its board had formed a committee to explore strategic alternatives and hired BofA to assist in this process. No outcome is ruled out at this point, but the firm thinks “it is more likely than not” that the company is exploring a sale and notes that its detailed bottom-up asset-by-asset calculation arrives at a current net asset value for the company that the firm estimates “conservatively” at $8.03 to a high of $12.75 with a $10.26 midpoint. However, in the case of an outright sale, Evercore doesn’t believe an entity level buyer would actually pay “NAV” as there are risks attached, the analyst added.
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