UDR downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded UDR to Sector Perform from Outperform with an unchanged price target of $39. The firm now sees limited upside potential on the stock, given weaker relative rental pricing and lagging FY24 SSNOI growth, the analyst tells investors. The firm notes the FY24 FFOPS guidance bump is not due to better SSNOI growth, but rather less asset sales and developer capital loan maturities, which it thinks “results in a lower-quality guidance raise.”