Veris Residential Valuation After Recent Share Price Momentum: Is it Justified?

Veris Residential's (VRE) share price has moved to $18.86 with recent returns of 13% over the past month and 27% over the past 3 months. The P/E ratio of 24.6x is below its peer average and the North American Residential REITs average, but screens as expensive compared to an estimated fair P/E of 15.4x. Annual net income has declined 55.6%, and the current price is below the $18.00 analyst target.