REITs Rocked By Surge Of New Price Target Cuts — Are More Ahead?
Portfolio Pulse from Ethan Roberts
Analysts have been slashing price targets on interest-sensitive stocks such as real estate investment trusts (REITs) due to the potential of more interest rate hikes suggested by the latest Federal Reserve meeting minutes. Over the past week, 18 price targets across multiple sectors have been lowered. The price target cuts have affected several REITs including Sun Communities Inc., Easterly Gov't Properties Inc., UDR Inc., JBG Smith Properties, Alexandria Real Estate Equities, American Strategic Investment Co., Medical Properties Trust Inc., Agree Realty Corp., Safehold Inc., Apartment Income REIT Corp., American Tower Corp., Crown Castle Inc., SBA Communications Corp., Federal Realty Trust, and Regency Centers. This could negatively affect REIT prices for the remainder of 2023.
August 23, 2023 | 8:06 pm
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NEGATIVE IMPACT
American Tower Corp.'s price target was cut from $211 to $205 by Ric Prentiss of Raymond James.
The price target cut by analysts indicates a bearish outlook on the stock, which could lead to a decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Easterly Gov't Properties Inc.'s price target was cut from $15 to $13 by Michael Carroll of RBC Capital Markets.
The price target cut by analysts indicates a bearish outlook on the stock, which could lead to a decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Sun Communities Inc.'s price target was cut from $160 to $150 by Aaron Hecht of JMP Securities and from $157 to $148 by Anthony Hau of Truist Securities.
The price target cut by analysts indicates a bearish outlook on the stock, which could lead to a decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
UDR Inc.'s price target was cut from $45 to $43 by Michael Bilerman of Citigroup and from $49 to $44 by Anthony Paolone of JP Morgan.
The price target cut by analysts indicates a bearish outlook on the stock, which could lead to a decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100