Raymond James downgraded NexPoint Residential to Underperform from Market Perform without a price target. Over half of the company’s’ operating income is generated from markets like South Florida, Phoenix, Orlando, and Nashville which happen to be experiencing some of the strongest construction activity in the nation, the analyst tells investors in a research note. The firm says that even though the bulk of new supply isn’t expected to peak until later this year, it is already starting to see the impact on NexPoint’s rent growth with new lease rates declining 7.8% during Q4.
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