Independence Realty Trust downgraded at Jefferies on macro concerns

As previously reported, Jefferies analyst Linda Tsai downgraded Independence Realty Trust (IRT) to Hold from Buy with a price target of $17, down from $20. She is more cautious on both Apartment and Single Family REITs in 2023 given macro concerns and the potential deterioration in occupancy and rent growth due to potential job losses in 2023 and more muted external growth expectations, Tsai tells investors. Among the groups, UDR (UDR) and MAA (MAA) "appear best-positioned to weather the storm," contends Tsai, who has Buy ratings on that pair.