As previously reported, Truist analyst Michael Lewis upgraded Elme Communities (ELME) to Buy from Hold with a price target of $16, down from $17, as the firm expects the Washington DC area market to be “relatively strong” and argues that the stock appears to be “materially undervalued” given that it sees Elme producing among the highest same-store growth in the sector this year and next. In addition, the firm thinks Elme may be “one of the most likely M&A candidates in the apartment sector” after a multi-year repositioning of the company into a pure-play multifamily REIT, though Truist notes it is not basing its Buy rating “strictly on that possibility.”
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