Morgan Stanley pulls Underweight rating on UDR
Seeking Alpha
Published Aug 16, 2017 09:02AM ET
Morgan Stanley pulls Underweight rating on UDR
- via Bloomberg
- Looking at the overall apartment REIT sector, Morgan Stanley (NYSE:MS) is bullish, saying high valuations appear to be justified after Q2 earnings and strong long-term fundamentals, i.e. demand overshooting supply.
- In UDR's case, the impact of Sunbelt supply appears less worrisome than before, and the company's diversification should help as well.
- Analyst Richard Hill upgrades to Equalweight from Underweight and lifts the price target to $38 from $35. Last night's close was $39.13.
- Now read: Preferred Stock IPO: Another Mortgage Preferred Stock, This Time From Cherry Hill
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