UDR price target raised to $45 from $44 at Truist

Truist analyst Michael Lewis raised the firm’s price target on UDR to $45 from $44 and keeps a Buy rating on the shares as part of a broader research note on REITs. The firm is relatively bullish on the sector following a challenging 2023 that was mired by volatile inflationary environment and believes that REITs should benefit from a favorable backdrop of improved cost of capital environment, liquidity and attractive valuation levels, the analyst tells investors in a research note. Truist adds however that UDR may underperform the weaker apartment rental demand in its key markets, such as Washington DC, Boston and Orange County.