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* “Searching for a positive catalyst in a slow growth environment,” Raymond James’ Brad Sturges downgraded Dream Residential REIT (DRR.UN-T) to “market perform” from “outperform” with a US$7.50 target, down from US$7.75. The average is US$8.93.
“While we view DRR as deeply discounted to its underlying real estate value, there appears to be more limited potential positive catalysts in this current slower growth environment available to DRR that we believe could help materially reduce its NAV/ unit estimate discount valuation,” he said.
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