UDR price target lowered to $38 from $39 at Scotiabank

Scotiabank lowered the firm’s price target on UDR (UDR) to $38 from $39 and keeps a Sector Perform rating on the shares. The firm is updating its price target for U.S. Multifamily REITs under its coverage, the analyst tells investors. Scotiabank is forecasting a more challenging Sunbelt recovery, estimating it will take several years to absorb the overbuilding that occurred in most Sunbelt markets.