Barclays analyst Anthony Powell lowered the firm’s price target on Independence Realty Trust to $22 from $28 and keeps an Overweight rating on the shares. After earnings, the analyst is "incrementally cautious" on 2023 rent growth for coastal multifamily real estate investment trusts. He sees downside risks driven by white-collar/tech layoffs, particularly on the West Coast, and reduced estimates for the space.
Published first on TheFly
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