More analyst bull Raymond James’ Brad Sturges lowered his Allied Properties REIT (
) target to $19 from $19.25 with a “market perform” rating, while Scotia’s Mario Saric cut his target to $21.25 from $21.75 with a “sector outperform” rating. The average is $19.94.
“Despite Allied’s public confidence provided on its 1Q24 call that it believes that leasing activity has reached an inflection point, we maintain our ‘wait and see’ stance as it relates to how much of Allied’s positive leasing indicators will ultimately translate into stabilization and a recovery in Allied’s average occupancy rates,” said Mr. Sturges. “While Allied remains committed to its distribution rate, we believe concerns over Allied’s distribution policy may act as a near-term overhang in its unit price.”