Evercore ISI raises PTs on some REITs ahead of Fed lowering rates

UDR

28/08/2024 15:57

** Evercore ISI raises price targets of some real estate
investment trusts ahead of Fed lowering rates; maintains ratings
    ** "It's clear that the interest rate path is one that is
more favorable for the corporate real estate space and REITs
overall" - Evercore
    ** Brokerage says market is now pricing in more cuts given
softer inflation prints, dovish comments from Chairman Powell at
Jackson Hole about concerns over job growth
    ** YTD, AvalonBay Communities  AVB.N  up ~19%, Equity
Residential  EQR.N  up 20%, Essex Property Trust  ESS.N  up 19%,
UDR Inc  UDR.N  up 15%, Prologis  PLD.N  down ~4% as of last
close
    
             Company                
                         New PT      Old PT
                                    
 AvalonBay Communities  $223.00     $216.00 
 Equity Residential     $74.00      $70.00
 Essex Property Trust   $283.00     $268.00 
 UDR Inc                $42.00      $40.00 
 Prologis               $124.00     $122.00
 
 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))