Parkway downgraded at BMO

BMO Capital takes its chips off the table on Parkway Properties (PKY -0.6%) following earnings yesterday, cutting the stock to Market Perform from Outperform, with price target reduced to $19 from $22. Yesterday JMP Securities boosted its PT following earnings to $20 from $19.

Questioned on the earnings call (transcript) about what might be needed to break FFO per share out of its $1.27-$1.30 range, management reminds the quality of FFO today is far higher and the busy action in the portfolio could be at the expense of FFO now, but to the great benefit of the company down the road.

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