Raymond James analyst Buck Horne double downgraded Centerspace (CSR) to Market Perform from Strong Buy without a price target The company’s board has formally engaged financial and legal advisors to perform a strategic alternatives review, the analyst tells investors in a research note. The firm believes Centerspace’s portfolio is an attractive target for any number of potential buyers. However, with the shares closing the valuation gap versus its multifamily peers “amid a backdrop of uncertain outcomes,” it feels stepping back to a neutral rating is appropriate on the recent rally.
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