BTIG analyst Tom Catherwood has reiterated their bullish stance on VRE stock, giving a Buy rating on July 11.
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Tom Catherwood has given his Buy rating due to a combination of factors that highlight Veris Residential’s strategic positioning and financial prospects. The company is expected to benefit from ongoing demand and rental growth, coupled with limited competition from new supply, which positions it well in the market. Additionally, the anticipated asset sales and debt repayments are projected to enhance financial performance, contributing to increased funds from operations in the coming years.
Despite removing the takeover premium from the valuation, Catherwood remains optimistic about Veris Residential’s outlook. The company’s focus on refining its portfolio to include class A multifamily properties in high-barrier Northeast submarkets aligns with its long-term strategic goals. Although the likelihood of a near- to medium-term acquisition has diminished, the valuation still suggests a significant potential return, supporting the Buy rating.
In another report released on July 11, Bank of America Securities also reiterated a Buy rating on the stock with a $20.00 price target.