Veris Residential price target lowered to $14 from $16 at Truist

Truist lowered the firm’s price target on Veris Residential to $14 from $16 and keeps a Hold rating on the shares. The stock is down 12% since the day prior to its Q3 results and has now lost much of its M&A premium after ending its advisory relationship with JP Morgan, though it still trades at the highest 2024 FFO multiple, highest FAD multiple and highest enterprise value to expected EBITDA in the firm’s 10-company apartment coverage universe, the analyst tells investors in a research note.