JPMorgan downgraded Elme Communities (ELME) to Neutral from Overweight with a price target of $18, down from $19. The firm still thinks Elme remains a takeout candidate in an improving liquidity environment, with it currently trading at a 20% discount to net asset value and its relatively small size. However, the comapn’s growth “will be skinny” in 2025, and JPMorgan is mindful that concerns around the impact of the Department of Government Efficiency could cause potential buyers of the stock to hit pause, the analyst tells investors in a research note.
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