Centerspace downgraded at Janney on more cautious apartment REITs outlook

As previously reported, Janney Montgomery Scott analyst Robert Stevenson downgraded Centerspace to Neutral from Buy with a $70 fair value estimate, citing his more cautious view of the company’s key Minneapolis market and apartment REITs in general. He also believes Centerspace is likely to continue to see higher operating expenses than the peer group in 2023, Stevenson tells investors.