BMO Capital Markets Raises UDR (UDR) Price Target To $21
March 15, 2010 9:42 AM
BMO Capital Markets analysts Richard C. Anderson and Earnest L. Sweat reiterated their Outperform rating for shares of UDR, Inc. (NYSE: UDR) and raised the price target from $18 to $21.
The analysts had said before that they believed going into the 4th quarter of 2009 that multifamily REITS would set conservative guidance that would temporarily worry the market.
They believe their earlier call was correct. Directionally speaking, they said it looks like improvements are materializing even faster than they predicted but that much depends upon the spring leasing season.
The BMO Capital Markets analysts wrote, "Bottom Line, We See Guidance Moving Up: Although UDR management did not make any comments on future changes to guidance, we believe that many of the multifamily REITs will be increasing their expectations by 2Q10 earnings season (or sooner) with improving new lease and renewal rents as a backdrop. One near-term sobering factor will likely be snow removal costs in 1Q10, which may delay a more optimistic view for a quarter."
