Jefferies downgraded Big Yellow Group (BYLOF) to Hold from Buy with a price target of 1,224 GBp, down from 1,359 GBp. The firm says real estate investment trust’s cost of capital has risen from 8.1% to 10% year-to-date, but real estate returns are 3% weighed down by offices, “so portfolios aren’t earning their keep.” As such, the analyst is focusing on EBITDA ratios in its stock selection with net asset values becoming “unreliable with the slump in investment trade.”
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