JP Morgan Analyst Lowers Price Targets On These 4 Popular REITs As Recession Fears Rise

JPMorgan Chase & Co. JPM is slashing price targets on four popular real estate investment trusts (REITs) as recession fears continue to weigh heavily on the market. While REITs are often looked at as a resilient asset class and a hedge against inflation, the Real Estate Select Sector SPDR Fund XLRE is performing right in line with the SPDR S&P 500 ETF Trust SPY: both down about 21% for the year.

According to data from Benzinga Pro, JPMorgan updated its ratings on the four REITs as follows:

Extra Space Storage, Inc. EXR received an upgrade from neutral to overweight, but its price target was lowered from $224 per share to $193 per share.

Brixmor Property Group Inc BRX received an upgrade from neutral to overweight, with its price target lowered slightly from $27 per share to $25 per share.

Welltower Inc WELL received an upgrade from neutral to overweight, but its price target was lowered from $94 per share to $89 per share.

Medical Properties Trust Inc MPW was downgraded from overweight to neutral and its price target was lowered from $24 per share to $18 per share, which still predicts upside of nearly 23% over the next 12 months.

More on REITs

• How This Real Estate Fund Is Beating The Stock Market
• The Lazy Landlord Podcast: How To Thrive In A Bear Market With Dividend Paying Real Estate Stocks - Ed Pitoniak, CEO of VICI Properties
• This REIT You've Probably Never Heard of Has Paid a Dividend Above 8% For The Last 5 Years

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