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BMO Capital Markets Corp. downgrades Monogram Residential Trust to 'market perform'

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BMO Capital Markets Corp. downgrades Monogram Residential Trust to 'market perform'

BMOCapital Markets Corp. analyst John P. Kim downgraded his investmentopinion of Monogram ResidentialTrust Inc. to "market perform" from"outperform," and decreased his price target to $12 from $12.50.

The analyst wrote in a research report: "We aredowngrading MORE to Market Perform with a $12 price target, in line with thecash offer the company received from Greystar Real Estate and its partners APG,GIC, and Ivanhoe Cambridge. While MORE has continued to reposition its youngportfolio to become more focused in coastal markets (77% of NOI and growing),we believe the likelihood of a competing offer has diminished with theexpiration of its reduced termination fee period."