JPMorgan Chase & Co. JPM is slashing price targets on four popular real estate investment trusts (REITs) as recession fears continue to weigh heavily on the market. While REITs are often looked at as a resilient asset class and a hedge against inflation, the Real Estate Select Sector SPDR Fund XLRE is performing right in line with the SPDR S&P 500 ETF Trust 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. EXR received an upgrade from neutral to overweight, but its price target was lowered from $224 per share to $193 per share.
Brixmor Property Group Inc BRX received an upgrade from neutral to overweight, with its price target lowered slightly from $27 per share to $25 per share.
Welltower Inc WELL received an upgrade from neutral to overweight, but its price target was lowered from $94 per share to $89 per share.
Medical Properties Trust Inc MPW was downgraded from overweight to neutral and its price target was lowered from $24 per share to $18 per share, which still predicts upside of nearly 23% over the next 12 months.
More on REITs
- How This Real Estate Fund Is Beating The Stock Market
- The Lazy Landlord Podcast: How To Thrive In A Bear Market With Dividend Paying Real Estate Stocks - Ed Pitoniak, CEO of VICI Properties
- This REIT You've Probably Never Heard of Has Paid a Dividend Above 8% For The Last 5 Years
Photo by mantinov on Shutterstock
Start generating passive income through real estate.
Check out Benzinga's favorite private market real estate offerings and start collecting your share of the rental income.
Looking for additional offers? Sign up to get offers directly to your inbox!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.