Jefferies upgraded Independence Realty Trust (IRT) to Buy from Hold with a price target of $24, up from $20. The firm cites improving supply forecasts in the Sunbelt for the upgrade. This is evident in better year-to-date blended spreads versus Q4 from recent multifamily updates, the analyst tells investors in a research note. Jefferies says that with Sunbelt job and population growth exceeding Coastal's, at the same time supply "finally recedes, " rent growth should accelerate in 2026 and 2027. It expects the second half of 2025 to show stronger signs of stabilization, driving earnings and multiple expansion closer to historical premiums for the stock.