UDR downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded UDR to Equal Weight from Overweight with a price target of $37, down from $46. Due to high supply growth and inflationary cost pressures, the earnings growth outlook for apartment real estate investment trusts is “generally soft,” the analyst tells investors in a research note. Given this, the firm is cautious on the space relative to other residential subsectors. It sees “a pretty muted earnings growth outlook for the next year or two.”