Colliers last night upgraded UMH Properties (UMH) to Buy from Neutral with a price target of $17, up from $16. The firm says the manufactured housing sector continues to benefit from elevated multiples given its “defensive characteristics” and “resilience against broader economic challenges.” The scarcity of affordable housing should be a tailwind for this sector for many years, the analyst tells investors in a research note. Colliers finds UMH’s valuation attractive at current levels.
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