Scotiabank Sweeps REIT Sector Lower

Scotiabank analyst Nicholas Yulico cut price targets on at least seven real estate names in a single session, a rare broad sweep that signals mounting caution on the sector.

MAA took the sharpest downgrade. Yulico moved it to Sell with a new target of $125, down from $134. The $44 billion apartment REIT now carries a Sell rating from Scotiabank while the broader analyst consensus still leans Hold. UDR, INVH, SPG, and REG all had targets trimmed to Hold. ESS and BXP kept Buy ratings but saw targets cut by $14 and $3 respectively.

Away from REITs, two upgrades stood out. Morgan Stanley lifted its target on IQV to $270 from $240, a 12.5% increase. The clinical research firm has a $44 billion market cap and low short interest at 2.4% of free float.

CIEN also caught attention. Consensus target prices edged up to $502, as the networking equipment maker benefits from continued data centre spending. With a $48 billion market cap, it remains a Buy consensus name.

DXCM saw a minor consensus target lift to $94.48. The diabetes device maker remains a Buy favourite with 25 analyst Buy ratings on record.