Shares of Veris Residential (VRE) plummeted 5.19% in intraday trading on Wednesday, following a downgrade by analysts at Evercore ISI Group.
Evercore ISI cut its rating on Veris Residential from "Outperform" to "In-Line" and lowered its price target for the stock from $20 to $18. The downgrade was reportedly driven by the company's disappointing fourth-quarter results, though specific details were not provided.
The downgrade and lower price target from the influential Wall Street firm weighed heavily on investor sentiment, leading to the selloff in Veris Residential shares on Wednesday. The stock closed the session at $16.85, significantly underperforming the broader market.
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