Citizens analyst Aaron Hecht lowered the firm’s price target on Independence Realty Trust (IRT) to $22 from $25 and keeps an Outperform rating on the shares. Excess new apartment supply in Sunbelt markets delayed rent growth in 2025, leading to lower assumed earn-in and reduced core FFO estimates for 2026-2027, while the 2025 outlook remains unchanged, the analyst tells investors in a research note. Despite near-term revisions, improving supply digestion and fewer new deliveries are expected to drive a lease rate inflection in 2026, the firm adds.
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