Paramount Group

PGRE · NYSE

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PGRE analyst rating

HoldConsensus of 1 analyst over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold1
Underperform0
Sell0

12-month price target · 4 analysts

Average $6.43

Low: $6.06
High: $6.93

Upgrades and downgrades

The latest rating actions, newest first

PGRE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 22, 2025	Upgrade	Underweight → Equal-Weight	$5.50 → $6.60	56%

The case for and against

Updated Dec 15, 2025

Bull case

Paramount Group Inc has experienced a notable increase of 54.6% in its share price since the announcement of a strategic review aimed at maximizing shareholder value, significantly outperforming the broader real estate index by 5,290 basis points. This positive momentum is underpinned by expectations of above-average net effective rent growth within key markets, particularly in New York City and San Francisco, driven by robust tenant demand and the appeal of the company's high-quality office assets. Furthermore, potential increases in occupancy rates and favorable rental growth in 2023 could further enhance the company's financial performance and shareholder returns.

Bear case

Paramount Group has experienced a significant decline in total portfolio occupancy, which has decreased by 1,670 basis points since the third quarter of 2020, leading to a notable ~68% pull-back in its share price from pre-pandemic levels. Additionally, the company faces several financial risks including weaker-than-expected demand from technology, advertising, media, and information (TAMI) tenants, sluggish retail sales growth affecting vacant retail spaces, and the potential for higher interest rates to increase terminal cap rates, thus lowering net asset value estimates. Collectively, these factors contribute to a negative outlook for Paramount Group's stock performance.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.