Highwoods Properties downgraded to Hold from Buy at Truist

Truist downgraded Highwoods Properties (HIW) to Hold from Buy with an unchanged price target of $32. Most Office REITs appear “fairly valued,” says the analyst, who is concerned tenant demand may stall due to slower job growth, increased use of technology and AI, and a return-to-office trend that “may have already run its course.” Within the context of a “relatively cautious view of the office sector overall,” the firm is downgrading both Highwoods and Cousins Properties (CUZ).