Piedmont Office Realty price target lowered to $9 from $10 at Truist

Truist lowered the firm’s price target on Piedmont Office Realty (PDM) to $9 from $10 and keeps a Buy rating on the shares. The firm is adjusting its model, pushing back assumed dispositions and redeployment of proceeds while also assuming a slightly more gradual narrowing of leased percentage and economic occupancy, the analyst tells investors in a research note. Truist adds however that leasing activity appears healthy as it projects material free cash flow in each year of its model.