UPDATE: Miller Tabak Raises UDR's PT

According to a recent research report, Miller Tabak & Co. has increased UDR Inc.'s (NYSE: UDR) PT from $25.98 to $27.25.

Miller Tabak & Co. commented in the report, “While this largely reflects a recent rise in the overall REIT group's Price/FFO multiple on 2012 estimates, we note that some of that multiple expansion has occurred as many REIT estimates have declined recently. We raised UDR to a "Buy" when they made their bold move into NYC, based on the potential for investors to accord the REIT a higher Price/FFO multiple -- closer to that of most apartment REITs. We continue to see plenty of room for UDR to enjoy relative multiple expansion as the REIT continues its consistent balance sheet deleveraging and continues to expand its footprint into higher-rent, more supply-constrained markets while disposing of lower-rent properties in more commoditized markets.”

Miller Tabak reaffirms its Buy rating on UDR, which is currently trading at $25.77.