JPMorgan Chase & Co. (NYSE: JPM) cut price targets for four popular real estate investment trusts (REITs) as recession fears continue to weigh heavily on the market. While REITs are often seen as a resilient asset class and hedge against inflation, Selected Real Estate Sector SPDR Funds (ARCA: XLRE) behaves in a straight line with the SPDR S&P 500 ETF Trust (ARCA: SPY): Both down about 21% for the year.
According to data from Benzinga Pro, JPMorgan updated its ratings on the four REITs as follows:
Extra Space Storage, Inc. (NASDAQ: EXR) was upgraded from neutral to overweight, but its price target was lowered from $224 per share to $193 per share.
Brixmor Real Estate Group Inc (NYSE: BRX) received an upgrade from neutral to overweight, with its price target lowered slightly from $27 per share to $25 per share.
Well Tower Inc (NYSE: WELL) was upgraded from neutral to overweight, but its price target was lowered from $94 per share to $89 per share.
Medical Properties Trust Inc. (NYSE:MPW) was downgraded from overweight to neutral and its price target was lowered from $24 per share to $18 per share, still forecasting a nearly 23% upside over the next 12 months.
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