UPDATE: J.P. Morgan Raises PT on UDR to $24 (UDR)

J.P. Morgan is out with its report today on UDR UDR, raising its PT from $23 to $24. In a note to clients, J.P. Morgan writes, "On balance, we think UDR trades at a favorable discount to its peers, and we remain upbeat about long-term apartment business fundamentals in general. Specific to UDR, we think its comps should trend to the top half of its peers and help drive a bit of valuation expansion. We increase our December 2011 UDR price target to $24/share from $23/share." J.P. Morgan maintains Overweight on UDR. Shares of UDR closed Tuesday at $23.68, down 2.63% from Monday's close.