Wedbush lifts price targets of multifamily REITs
** Wedbush upgrades multifamily REIT Mid-America Apartment Communities MAA.N to "outperform" from "neutral", sending its shares up ~2% to $135.50
** Lifts MAA's PT to $154 from $135; raises Camden Property Trust CPT.N to $118 from $110 and UDR UDR.N to $45 from $40
** Cites PT raises on "continued momentum through supply headwinds in the sunbelt" region of U.S.
** Expects MAA and CPT to incrementally benefit from the heavy leasing season, hence pivoting to rent growth in 2025
** Also raises Essex Property Trust ESS.N PT to $264 from $240, citing housing shortage as a boon for the REIT as wages are growing faster than rents
** S&P 500 Residential REITs Sub-Industry Index has risen 2.6% YTD
Reporting by Aatreyee Dasgupta
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