UPDATE: Stifel Nicolaus Upgrades Post Properties to Buy with $56 PT on Pullback from 52-Week High

Stifel Nicolaus upgrades Post Properties PPS from Hold to Buy with a new $56 price target. Stifel Nicolaus comments, "We are upgrading to Buy from Hold. PPS shares are off 8.0% from their 52-week high on May 10 (vs the RMZ decline of 4.3%) and are trading below our updated value range of $58-$51, which reflects cap rates of 4.75%-5.25%. …Post continues to experience a broad-based recovery across all of its Sunbelt markets and should have some of the best top-line growth in the sector this year. We would not be surprised if guidance is raised again with its 2Q release as portfolio revenue growth and condo sales should remain the primary earnings drivers over the next couple of years." PPS closed at $46.81 on Monday.