UDR price target lowered to $39 from $41 at Wells Fargo

Wells Fargo analyst James Feldman lowered the firm’s price target on UDR (UDR) to $39 from $41 and keeps an Overweight rating on the shares. The firm notes that 25 REITs it covers reported with 17 beats, 4 meets, and 4 misses. Wells continues to hear from generalist investors that REIT valuations look compelling, and the group offers a good defensive hedge in portfolios. Good REIT performance as the broader market pulled back this week provided some evidence, Wells adds.