Citigroup Downgrades Tricon Residential to Neutral, Raises Price Target to $11.25
Portfolio Pulse from Benzinga Newsdesk
Citigroup analyst Michael Bilerman downgraded Tricon Residential (NYSE:TCN) from Buy to Neutral but increased the price target from $10.5 to $11.25.

January 22, 2024 | 4:01 pm
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NEUTRAL IMPACT
Tricon Residential was downgraded by Citigroup from Buy to Neutral, although the price target was raised from $10.5 to $11.25.
The downgrade to Neutral suggests that Citigroup sees limited upside potential or increased risk in Tricon Residential's stock, which could temper investor enthusiasm. However, the increase in the price target indicates a belief that the stock still has some room to grow, albeit at a slower pace than previously anticipated. This mixed message may lead to a neutral short-term impact on the stock price as the market digests both pieces of information.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100