Truist analyst Anthony Hau downgraded Plymouth Industrial REIT (PLYM) to Hold from Buy with a price target of $20, down from $22. Truist prefers higher-quality industrial REITs with better risk-return profiles in a potential sector recovery, and while the stock trades at an attractive valuation and provides decent growth with several potential leasing catalysts and acquisition opportunities, its lower liquidity, weaker recent earnings, tenant bankruptcies, and investor concerns about management’s capital allocation, the analyst tells investors in a research note. The firm expects limited near-term upside.
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