Piedmont Office Realty price target lowered to $10 from $11 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on Piedmont Office Realty (PDM) to $10 from $11 and keeps a Buy rating on the shares. The firm is updating its model but believes the company’s FFO and cash flow likely bottomed in 2025, also noting that Piedmont Realty has the largest gap between leased occupancy and commenced rent-paying occupancy, with no debt maturities until 2028, the analyst tells investors in a research note.