UDR upgraded to Buy at Truist amid apartment REIT shake-up

Truist upgraded UDR to Buy from Hold with a price target of $49, up from $46 as the firm updates apartment REIT models following Q2 results. Within the firm’s 10-company apartment REIT coverage universe, UDR trades at a sector average P/2023E FFO multiple despite the firm seeing the second-highest total return in its apartment coverage universe, the analyst tells investors. The firm believes UDR is positioned to produce above-average SSNOI growth this year and the highest in the group next year, the analyst added.