JP Morgan raises REITs PT; says expense pressure seems to be abating

Vivmark Residential

16/09/2024 12:30

** JP Morgan raises target price on residential REITs 
    ** Brokerage believes liquidity for multifamily property
type is proving stronger than expected
    ** Adds that expense pressure for REITS seem to be abating 
    ** Brokerage remains neutral in view towards most
residential rental REITs 
    ** Up to Friday's close, AVB up 25%, EQR up 27%, ESS up 26%,
UDR up 23% and CPT up 26% YTD
                                                     
 Company          RIC         New PT      Old PT      Rating
                                                     
 AvalonBay        AVB.N      $247        $212        Neutral
 Communities                                         
 Equity           EQR.N      $80         $68         Neutral 
 Residential                                         
 Essex Property   ESS.N      $297        $265        Neutral 
 Trust                                               
 UDR Inc          UDR.N      $50         $43         Overweight
 Camden           CPT.N      $129        $112        Neutral 
 Property Trust                                      
 
 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))