Analyst cuts REITs to "underperform" on sector concerns

01/10/2008 | Houston Chronicle (tiered subscription model)

Real estate investment trusts saw their shares fall Wednesday after an analyst's downgrade of the sector. BMO Capital Markets Corp. analyst Paul Adornato cut the REIT sector to "Underperform" on concerns about credit quality, demand for space and earnings because of a moderate recession. "We think these twin drags will have a more substantial impact on the broader U.S. economy; consequently, we now believe commercial real estate will be more adversely impacted than the market currently expects," he said.

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