J.P. Morgan Maintains Overweight on UDR (UDR)

J.P. Morgan is out with its report on UDR UDR, maintaining Overweight. In a note to clients, J.P. Morgan writes, "We maintain our Overweight stance on UDR. We continue to like the multifamily REITs given unprecedented underlying fundamentals (limited new supply combined with a growing renter base) that we think will drive continued strong rental growth over the next 2-3 years. We particularly like UDR's significant exposure to the West Coast, which we think is poised to recover strongly over 2011. Finally, we note that UDR continues to trade at a valuation discount to its immediate multifamily peers, which we don't see as warranted given the steps management has taken over the past several years to refine the portfolio." J.P. Morgan has a $24 PT on UDR. Shares of UDR closed Tuesday at $24.42, down 0.20% from Monday's close.