- Investors Real Estate Trust (NYSE:IRET) dips 1.4% in premarket trading after Raymond James analyst Buck Horne downgrades the stock to Market Perform from Outperform due to deteriorating price conditions unfolding in several of the REIT's key markets.
- Such markets consist mostly of urban core locations in downtown Denver, downtown Minneapolis/St. Paul, and St. Cloud, MN.
- Horne considers IRET's current risk/reward "fairly discounted at current share prices."
- Sees its Midwestern portfolio "buoyed by relatively stable trends across much of its secondary/tertiary market footprint."
- See IRET's total return vs. S&P 500 and peers IRT and CPT over the past year:
- Even with the downgrade, Horne's rating is more optimistic than the Bearish Quant rating; he's less sanguine than the Bullish average Walls Street analysts' rating (2 Very Bullish, 1 Bullish, 6 Neutral).