UDR price target raised to $47 from $44 at Truist

Truist raised the firm’s price target on UDR to $47 from $44 and keeps a Buy rating on the shares. The firm is adjusting its model to reflect the trong East Coast market performance and a lower cost of debt that is finally supporting better performance for REIT stocks, the analyst tells investors in a research note. UDR also trades at the second-lowest 2024 FFO multiple in the firm’s apartment coverage universe, compensating investors for what might be slightly below average near-term growth, Truist added.