BMO Capital analyst John Kim downgraded Independence Realty Trust to Underperform from Market Perform with a price target of $15, up from $14. The firm has a favorable view of real estate investment trusts in 2024, largely due to its view the 10-year will decline to 3.5% by year-end 2024. This backdrop will likely benefit Independence Realty, but BMO is concerned of record-high new supply in many of its markets, coupled with a more subdued employment outlook, the analyst tells investors in a research note. The firm this limiting the company’s earnings growth in the near-term.
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