UMH Properties assumed with a Neutral at Wedbush

Wedbush analyst Richard Anderson assumed coverage of UMH Properties with a Neutral rating and $17 price target. UMH’s business of manufactured home communities serves an important role in the U.S. housing continuum by providing an affordable option, the firm says. With that said, Wedbush thinks the market is still processing a capital raising program that involves regular equity raises, while its small capitalization and minimal trading liquidity limits the investor audience. Overall, the firm’s initial impression has been positive.