Scotiabank Sweeps REITs; Ciena Targets Climb

Scotiabank analyst Nicholas Yulico cut price targets across six US REITs on Thursday. The move hit residential and commercial landlords alike. UDR dropped to a $38 target from $41. Mid-America Apartment Communities saw the sharpest cut — down to $125 from $134, with a Sell rating maintained.

Invitation Homes, Federal Realty, Essex Property Trust, and BXP all received trimmed targets. Yulico kept Hold ratings on most names. The sweep signals growing caution on real estate valuations as rate expectations shift.

On the other side, Ciena Corporation saw the consensus target price rise to $502 from $497. The optical networking giant carries a $48B market cap and low short interest of just 2.3% of free float. Analysts remain broadly neutral with 14 Hold ratings, but the target drift higher reflects improving sentiment around data-centre-driven demand.

Morgan Stanley's Kallum Titchmarsh raised his target on IQVIA Holdings to $270 from $240 — a 12.5% jump. He kept a Hold rating, but the aggressive target lift suggests improving confidence in the contract research firm's pipeline recovery.

DexCom also saw a small consensus target increase to $94.48, with 25 analyst Hold ratings dominant.