Scotiabank Sweeps REIT Targets Lower

Scotiabank analyst Nicholas Yulico cut price targets across seven real estate investment trusts on Thursday. Every change came with a downgrade in recommendation.

The sweep covered residential, retail, and office names. MAA saw the steepest target cut. Scotiabank dropped it from $134 to $125 and moved to Sell. ESS lost $14 from its target, now sitting at $293. UDR, INVH, REG, FRT, and BXP all had targets trimmed as well.

The coordinated reduction suggests macro pressure on real estate valuations. Rising rate expectations and softer rental demand are likely drivers.

Away from REITs, Morgan Stanley raised its target on IQV (IQVIA Holdings) to $270 from $240. Analyst Kallum Titchmarsh kept a Hold rating. Still, a $30 target lift on a $44B company is notable. IQVIA has a short interest of just 2.4% of free float.

Networking gear maker CIEN was the standout on the upside. Consensus target rose to $502. That reflects broad analyst confidence in Ciena's AI-driven optical networking demand. Its market cap has crossed $48B.

DexCom also saw its consensus target nudge higher to $94.48. The continuous glucose monitor maker carries a Sell rating from one analyst but 25 Holds, leaving sentiment cautious.