Goldman Downgrading UDR (UDR)

Goldman Sachs is downgrading shares of UDR, Inc. UDR to Neutral from Buy, but is maintaining its $52 price target. In a note sent to client Goldman writes, "At the start of the year, we had signaled a growing shift in our investment strategy (“2010 Outlook: Rotation into shorter lease term segments to take greater shape,” January 11, 2010), with our multiyear call to overweight more defensive sectors giving way to a more bullish outlook for shorter lease term segments. We still expect shorter lease term segments to deliver superior operating results in 2011 (“Thank you for renting – A positive multiyear outlook,” October 1, 2010), but the stocks now largely reflect this positive outlook. As a result, we downgrade UDR to Neutral from Buy while maintaining our 12-month price target of $22." Shares of UDR lost 24 cents yesterday to close at $22.67, a loss of 1.05%.