Elme Communities price target lowered to $18 from $19 at Truist

Truist lowered the firm’s price target on Elme Communities (ELME) to $18 from $19 but keeps a Buy rating on the shares. The firm assigns more conservative price to net asset value and price to FFO multiple targets amid higher interest rates and labor market uncertainty, the analyst tells investors in a research note. Truist adds however that multifamily fundamentals are generally healthy with low forecasted supply and unaffordable and unavailable single-family ownership options.