UDR price target raised to $40 from $37 at Morgan Stanley

Morgan Stanley raised the firm’s price target on UDR to $40 from $37 and keeps an Equal Weight rating on the shares. Apartments are the best performing REIT subsector year-to-date, but with peak deliveries still to come, the firm wonders if the group, now trading at a premium, has “gotten ahead of itself,” the analyst tells investors. The firm, which advises investors to “stay selective,” raised its apartment REIT price targets by about 6% on average.