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. also received a small consensus target lift to $94.48, with 25 analysts holding Buy ratings on the continuous glucose monitor maker.
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