UPDATE: Wunderlich Reiterates Buy Rating, Raises PT on Home Properties

In a report published Monday, Wunderlich Securities reiterated its Buy rating on Home Properties

, and slightly raised its price target from $68.00 to $69.00. Wunderlich noted, “Buy-rated Home Properties reported 1Q12 FFO of $0.96, ahead of our $0.93 estimate, and ahead of consensus. We attribute this to three factors: property locations in markets where job creation has been consistent, successful property management, and high demand for rental housing in HME's core markets, particularly metro DC. Given that we believe HME's footprint is in attractive markets that will continue to benefit from dislocations in housing, we view the shares as undervalued. We are revising our 2012 estimate based on the outperformance in 1H12. We maintain our Buy rating, and we are increasing our price target to $69. HME shares are on our Best Ideas list.” Home Properties closed on Friday at $65.01.