Keefe upgrades Walker & Dunlop on improving multifamily rent growth

Keefe Bruyette upgraded Walker & Dunlop to Outperform from Market Perform with an unchanged price target of $105. The firm expects multifamily rent growth to improve into 2026 due to better supply and sees pent-up demand for multifamily acquisitions and refinancing. Walker & Dunlop, a pure-play multifamily brokerage and services firm, has underperformed peers over the past two years, largely due to “higher-for-longer” rate expectations that weighed on transaction volume and servicing growth, the analyst tells investors in a research note. Keefe now sees an attractive opportunity at current share levels.