Veris Residential price target lowered to $22 from $26 at BTIG

BTIG lowered the firm’s price target on Veris Residential (VRE) to $22 from $26 and keeps a Buy rating on the shares. The firm’s updated estimates incorporate Q1 results, the recent sale of Signature Place, and credit facility amendment, the analyst tells investors in a research note. While ample dry powder remains on the sidelines awaiting allocation into multifamily, BTIG notes the return thresholds of the underlying funds skew toward the value-add and opportunistic side of the investment spectrum.