NEW YORK (AP) -- An analyst said Monday that real estate investment trust stocks may be overpriced, especially as property fundamentals weaken amid a soft economy.David Harris of Lehman Brothers noted that year-to-date REITs have performed well even against the broader markets, reflecting investors' preference for REIT dividend yields in an uncertain economy.
He further noted that first-quarter earnings mostly met or topped expectations and showed that, although fundamentals are declining, it has been rather modestly.
However, the analyst believes valuations may have gotten too high.
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