UDR price target lowered to $44 from $45 at BMO Capital

BMO Capital lowered the firm’s price target on UDR (UDR) to $44 from $45 and keeps an Outperform rating on the shares. The company has surprisingly announced the resignation of Joe Fisher, President and CIO, who many believed was the CEO-in-waiting, and the timing of this appointment likely led to his disagreement with the Board and his departure, the analyst tells investors in a research note. BMO adds that UDR’s asking rents had the best sequential trends in August, though market rents overall have been decelerating.