Veris Residential upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Anthony Paolone upgraded Veris Residential (VRE) to Neutral from Underweight with a price target of $17, up from $14. While leverage remains elevated with Veris, JPMorgan likes the steps the company has taken to simplify its story in becoming a pure-play multifamily real estate investment trust, the analyst tells investors in a research note. The firm also thinks the company may have some of the best pricing power in the multifamily space as its rent-to-income ratio currently sits at 12%, the lowest among its peer group, despite it catering to the New York City metro.