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Canaccord Genuity Inc. cuts Education Realty Trust to 'hold'

CanaccordGenuity Inc. analyst RyanMeliker cut his investment opinion of Education Realty Trust Inc. to "hold" from "buy,"and decreased his price target to $43 from $46.

The analyst wrote in a research report: "We are downgradingEDR … following a disappointing leasing update last week. While we believe in thestudent housing sector and EDR shares over the long term, we expect 2018 estimatesto move lower and fear a re-rating of the stock to a lower valuation following anotherleasing challenge, this time at EDR's largest campus, the University of Kentucky(UK). With same-store growth expected to be lackluster through 2018, and 2018 estimateslikely to move lower, we no longer expect EDR to grow its valuation premium (weestimate EDR currently trades at a 5% premium to NAV). The stock only traded down3% since the news, but we expect upside to remain limited as the market digeststhe above ramifications."