BMO Capital Upgrades Independence Realty Trust (IRT) to Market Perform

BMO Capital analyst John Kim upgraded Independence Realty Trust (NYSE: IRT) from Underperform to Market Perform with a price target of $21.00 (from $19.00).

The analyst comments "We have had a contrarian Underperform rating on IRT this year — and it hasn't worked. However, aspects of our thesis have been realized: new supply has negatively impacted blended lease growth, leading IRT to reduce SS Revenue guidance twice this year, realize lower ROI on renovations, and enter '25 with a lower earn-in. Conversely, IRT's results are better than those of Sunbelt peers, its markets are expected to improve in '25, and IRT could be a DOGE winner in the sector. We upgrade IRT to Market Perform, $21 target price."

For an analyst ratings summary and ratings history on Independence Realty Trust click here. For more ratings news on Independence Realty Trust click here.

Shares of Independence Realty Trust closed at $20.85 yesterday.

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