Raymond James & Associates Inc. analyst Paul Puryear upgraded eight real estate investment trusts today in the belief that the recent sell-off in the sector has been overdone.
“Enough, already!” he wrote in a note. “Given our years of real estate experience, we can recognize compelling value when it appears.”
Mr. Puryear said there's been an “unprecedented sell-off among REIT stocks” that caused REIT prices plummet more than 30% so far in October.
He blames “indiscriminant selling” by hedge funds, closed-end funds' facing redemptions and broader market turmoil for the decline.