Elme Communities price target lowered to $18 from $19 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on Elme Communities to $18 from $19 and keeps a Hold rating on the shares. The analyst contends this may be the best positioned that Elme Communities has been since the firm begin covering it, with positive projected growth and a strong balance sheet. Truist adds however that the decelerating residential fundamentals, particularly due to high new supply in the Sunbelt, and a competitive peer group of stocks keeps the firm at neutral.