Scotiabank Sweeps REIT Targets Lower

Scotiabank analyst Nicholas Yulico trimmed price targets across seven real estate investment trusts on Thursday. The cuts were modest but broad, hitting residential and commercial landlords alike.

MAA — Mid-America Apartment Communities — took the biggest hit. Yulico moved to Sell and cut his target from $134 to $125. That stands out in a sector where most calls were holds. The consensus sits at three buys versus ten holds, with the stock already a laggard.

UDR slipped from a $41 target to $38. INVH — Invitation Homes — dropped to $28 from $30. Both remain Hold-rated. Office landlord BXP kept its Buy rating despite a target cut to $73 from $76.

Away from REITs, Morgan Stanley raised its target on IQV — IQVIA Holdings — to $270 from $240. Analyst Kallum Titchmarsh kept a Hold rating but the $30 target jump signals improving confidence in the clinical research outsourcing sector.

On the consensus front, CIEN — Ciena Corporation — saw a broad target upgrade to $502. The networking equipment maker carries a $48.3B market cap and just 2.3% short interest. DXCM also received a small consensus target lift to $94.48, with 25 analysts holding Buy ratings on the continuous glucose monitor maker.