Armada Hoffler price target lowered to $10 from $11 at Scotiabank

Scotiabank analyst Nicholas Yulico lowered the firm’s price target on Armada Hoffler (AHH) to $10 from $11 and keeps a Sector Perform rating on the shares. The firm is providing updated thoughts on the recent NYC Office sale comparables and commercial mortgage-backed securities, CMBS, issuance, which has led to changes to the ratings of the U.S. Real Estate & REITs in its coverage, the analyst tells investors.