- Oops!Something went wrong.Please try again later.
JPMorgan Chase & Co. (NYSE: 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 (ARCA: XLRE) is performing right in 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) 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 (NYSE: BRX) received an upgrade from neutral to overweight, with its price target lowered slightly from $27 per share to $25 per share.
Welltower Inc (NYSE: 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 (NYSE: 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
Photo by mantinov on Shutterstock
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.