Jefferies downgrades four REITS after run-up in stocks

  • With the MSCI U.S. REIT Index gaining 8% in the past three months and the 10-year Treasury yield retreating, Jefferies downgraded Medical Properties Trust (NYSE:MPW), CubeSmart (NYSE:CUBE), National Storage Affiliates Trust (NYSE:NSA), and First Industrial Realty Trust (NYSE:FR) to hold, Bloomberg reports.
  • Earning expectations are high as a result of positive management comments at the NAREIT conference in June, wrote analysts led by Omotayo Okusanya.
  • They see potential for beat-and-raise quarters from industrials and apartments, but see risk in retail.
  • MPW closed down 1.2%, CUBE down 3%, NSA down 3.4%, and FR lost 2.7%.
  • ETFs: VNQ, IYR, RQI, SCHH, RNP, RFI, KBWY, DRN, NRO, URE, ICF, XLRE, JRS, RWR, SRS, FREL, DRA, DRV, RIF, LRET, REK, RIT, FRI, FTY, PSR, USRT, WREI, IARAX, RORE, PPTY

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