UPDATE: Miller Tabak Raises PT to $71.94 on Home Properties on Portfolio Advantages

Miller Tabak reiterated its rating on Home Properties

and increased its price target from $70.31 to $71.94. Miller Tabak noted, "Home Properties has one of the most concentrated footprints of any apartment REIT, and that concentration in the Boston-Richmond corridor corresponds with some of the best rent vs. own economic match-ups in the US. Put differently, HME has a higher proportion of lower rent properties than most other apartment REITs, but those properties are generally in markets where switching to home ownership from renting entails significantly greater costs than in most US markets. Consequently, we see HME's lower rent niche as having some distinct advantages vs. apartment REITs concentrating on more upscale properties. Home Properties closed at $61.08 on Friday.