UPDATE: Wunderlich Initiates Post Properties at Hold (PPS)

Wunderlich is out with its report today on Post Properties PPS, initiating coverage at Hold. In a note to clients, Wunderlich writes, "We are initiating coverage of Post Properties, Inc. with a Hold rating and a $41 price target on the shares. We expect current portfolio and development activity located in Tier-1 markets to benefit from housing industry trends. Currently, the stock trades at a premium to peers on a dividend and cap rate basis. We believe that the shares' current valuation reflects the company's fundamental prospects." Shares of PPS closed Tuesday at $40.75, up 1.62% from Monday's close.