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Fly News Breaks for January 16, 2020
UDR
Jan 16, 2020 | 17:30 EDT
Jefferies analyst Jonathan Petersen downgraded UDR to Hold from Buy with a price target of $50, down from $56. The analyst notes that the REIT should once again outperform its peers on a same-store net operating income basis this year given its geographic diversification, but he prefers to pay a premium multiple for names with a better FFO rate of growth. Given its two developments currently under construction, Petersen believes UDR should catch up from an earnings growth perspective over the next two years.
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