Newmark downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research analyst Andrew Rosivach downgraded Newmark (NMRK) to Peer Perform from Outperform without a price target The shares have meaningfully outperformed peers recently, bringing the stock closer to fair value, the analyst tells investors in a research note. The firm points out Newmark is up 24% since its upgrade, with flat consensus estimates. Wolfe cites valuation for the downgrade.