MAA price target raised to $190 from $180 at JMP Securities

JMP Securities analyst Aaron Hecht raised the firm’s price target on MAA to $190 from $180 and keeps an Outperform rating on the shares following the Q4 results. The company’s EPS beat was driven by lower-than-expected interest and G&A expense, and MAA continued to deliver outsized same store NOI growth, driven by accelerated population shifts to the Sunbelt since the pandemic began, the analyst tells investors in a research note. In the near-term, JMP Securities believes lease renewals will drive solid growth, while longer term, the Fed’s interest rate increases will cause new housing to be undersupplied nationally and Sunbelt rental product will be the largest beneficiary given population and job growth trends.