Tricon Residential downgraded to Market Perform from Strong Buy at Raymond James

Raymond James downgraded Tricon Residential (TCN) to Market Perform from Strong Buy with a price target of $11.25, up from $11, after the company entered into an agreement to be acquired by Blackstone Real Estate Partners X (BX) and Blackstone REIT, Inc. The pending $11.25 per share cash takeover offer for for Tricon’s core SFR home platform is “reasonably fair” in the context of the volatile interest rate environment, the analyst tells investors in a research note, adding that there is a “low probability” of a superior offer.