BUZZ-Wedbush lifts price targets of multifamily REITs

Reuters05-06

** Wedbush upgrades multifamily REIT Mid-America Apartment Communities to "outperform" from "neutral", sending its shares up ~2% to $135.50

** Lifts MAA's PT to $154 from $135; raises Camden Property Trust to $118 from $110 and UDR to $45 from $40

** Cites PT raises on "continued momentum through supply headwinds in the sunbelt" region of U.S.

** Expects MAA and CPT to incrementally benefit from the heavy leasing season, hence pivoting to rent growth in 2025

** Also raises Essex Property Trust PT to $264 from $240, citing housing shortage as a boon for the REIT as wages are growing faster than rents

** S&P 500 Residential REITs Sub-Industry Index has risen 2.6% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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