Truist downgraded Elme Communities (ELME) to Hold from Buy with a price target of $2, down from $18. The company is liquidating and the shares are up 12% year-to-date, the analyst tells investors in a research note. The firm reduced estimates to reflect Elme’s dispositions and assumed transaction fees. The Hold rating reflects the view that investors may find better risk-adjusted returns elsewhere, contends Truist.
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