J.P. Morgan Maintains Underweight on Post Properties (PPS)

J.P. Morgan is out with its report this morning on Post Properties PPS, maintaining Underweight.

In a note to clients, J.P. Morgan writes, "While we believe PPS's management team is making strides in repositioning the company and has kept the balance sheet in good shape, we see the stock as pricing fairly expensively relative to peers on both a multiple basis and using discounted methodology detailed below. Furthermore, capital allocation has historically been less than stellar at PPS, something we believe has been a contributor to negative long-run earnings growth since its IPO. We rate shares of PPS Underweight."

J.P. Morgan has a $28 PT on PPS.

Shares of PPS closed Monday at $36.82.