UDR: Piper Sandler upgrades to 'neutral' on geographic diversity benefits

IDM SA

11/02/2021 12:54

** Piper Sandler upgrades shares of U.S real estate
investment firm UDR Inc  UDR.N  to "neutral" from "underweight" 
    ** Co on Wednesday posted adj fund from operations (FFO) of
$0.43 per share, nearly in line with estimates and said it
expects adj FFO of $1.70 per share to $1.82 per share in 2021
 urn:newsml:reuters.com:*:nASA01POL
    ** Piper Sandler believes re-opening the major Coastal
Gateways take longer than market implies
    ** "The Sunbelt exposure and Suburban assets are showing
their ability to temper the impact from the hard hit Coastal
Urban markets," Piper Sandler analysts say
    ** UDR looking at "crossing over to a loss-to-lease
portfolio-wide in 2Q, despite the enduring gain-to-lease to NYC,
downtown Boston, and San Francisco" is impressive - brokerage
    ** Brokerage raises PT to $44 from $35, while median PT is
$42, according to Refinitiv Eikon data
    ** Nine of 19 brokerages rate the stock "buy" or higher, 9
"hold" and 1 "sell" 

 (Reporting by Siddarth S)
 ((Siddarth.s@thomsonreuters.com;))