Wunderlich Securities Starts UMH Properties (UMH) at Hold

Wunderlich Securities initiated coverage on UMH Properties (NYSE: UMH) with a Hold rating and a price target of $10.00.

Analyst Craig Kucera said, "We estimate significant (~$1.75 per share, +18%) value is embedded in the portfolio due to a cyclically depressed level of occupancy; however, the capacity to unleash this value will remain suppressed for the foreseeable future given a challenging macroenvironment for manufactured housing in UMH's markets. Given a lack of visibility into occupancy gains within the portfolio, a valuation in the realm of our NAV and DCF estimates (~$10), as well as FFO and AFFO multiples ahead of peers, we are initiating coverage with a Hold rating."

For an analyst ratings summary and ratings history on UMH Properties click here. For more ratings news on UMH Properties click here.

Shares of UMH Properties closed at $9.87 yesterday.

You May Also Be Interested In

• Berenberg Starts Ithaca Energy (ITH:LN) at Buy
• Jefferies Downgrades Partners Group Private Equity (PEY:LN) to Underperform
• BofA Securities Upgrades Nomura Holdings Inc. (8604:JP) (NMR) to Buy