Wedbush lifts price targets of multifamily REITs

UDR

06/05/2024 15:26

** Wedbush upgrades multifamily REIT Mid-America Apartment
Communities  MAA.N  to "outperform" from "neutral", sending its
shares up ~2% to $135.50
    ** Lifts MAA's PT to $154 from $135; raises Camden Property
Trust  CPT.N  to $118 from $110 and UDR  UDR.N  to $45 from $40
    ** Cites PT raises on "continued momentum through supply
headwinds in the sunbelt" region of U.S.
    ** Expects MAA and CPT to incrementally benefit from the
heavy leasing season, hence pivoting to rent growth in 2025
    ** Also raises Essex Property Trust  ESS.N  PT to $264 from
$240, citing housing shortage as a boon for the REIT as wages
are growing faster than rents
    ** S&P 500 Residential REITs Sub-Industry Index has risen
2.6% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))