Truist Securities Downgrades Elme Communities (ELME) to Hold

Truist Securities analyst Michael Lewis downgraded Elme Communities (NYSE: ELME) from Buy to Hold with a price target of $2.00 (from $18.00).

The analyst comments "Downgrading ELME to Hold: ELME announced last month that it is selling 19 properties and plans to market the remaining 10 for sale, resulting in expected total shareholder distributions of $17.58-$18.50ps by the end of next year. We think the sales are likely to occur and the high end of the distribution range appears achievable, but our Hold rating reflects our view that investors may find better risk-adjusted returns elsewhere."

For an analyst ratings summary and ratings history on Elme Communities click here. For more ratings news on Elme Communities click here.

Shares of Elme Communities closed at $17.10 yesterday.

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