Paramount Group (PGRE) Shares Soar 3.94% on Upgrades

Paramount Group (PGRE) shares surged 3.94% today, reaching their highest level since September 2022 with an intraday gain of 4.39%.

The strategy of buying PGRE shares after they reached a recent high and selling them one week later delivered strong returns over the past five years. The strategy achieved a 55.24% return, vastly outperforming the benchmark, which returned -100.00%. The excess return was 155.24%, indicating the strategy's ability to capitalize on short-term price movements. With a CAGR of 19.20% and a maximum drawdown of 0.00%, the strategy also showcased robust risk-adjusted returns and minimal downside risk.

Mizuho Securities has raised its price target for Paramount Group (PGRE) from $5 to $6, while maintaining an "Outperform" rating. This move comes as the firm continues to see strong potential in the company's future performance. Additionally, Evercore ISI has upgraded Paramount Group from an "in-line" rating to an "outperform" rating, increasing their target price from $4.50 to $8.00. These positive ratings and price target adjustments have contributed to the stock's recent upward momentum, helping it reach a new 12-month high.

These upgrades reflect the growing optimism among analysts regarding Paramount Group's prospects. The company's strategic initiatives and market positioning have been well-received, driving investor confidence and contributing to the stock's recent gains. As Paramount Group continues to execute on its business plan, it is likely to attract further attention from investors and analysts alike.