JBG Smith downgraded to Underperform from Market Perform at BMO Capital

BMO Capital downgraded JBG Smith (JBGS) to Underperform from Market Perform with a price target of $15, down from $18. Amazon’s HQ2 has so far not able to be a “giant tech magnet for National Landing,” leading to declining office occupancy, reduced margins and earnings for JBG Smith, the analyst tells investors in a research note. In addition, the Department of Government Efficiency has an unknown and potentially meaningful impact on office and multifamily demand in the D.C. metro area, where JBG Smith is solely focused, says BMO.