Wells Fargo upgraded shares of apartment REIT UDR (NYSE:UDR) to Market Perform this morning and increased its valuation range from $6 to $7 per share up to $11.50 to $13 per share. The firm believes UDR's exposure to coastal markets and major metropolitan areas leaves them better positioned than peers to avoid vacancies. The firm did warn investors, however, that concern remains about the above average leverage on the company's balance sheet.
In morning trading, investors sent shares higher by almost four percent on heavy volume.
Shares of Limited Brands (LTD) were upgraded by Citigroup this morning after the company reported better than expected earnings earlier in the week. Limited Brands earned $0.19 per share in the second quarter and raised full-year estimates. Citigroup responded by upgrading the company from Hold to Buy and setting a price target of $18 per share.
Shares of Limited Brands made strong gains Friday morning, up almost seven percent.
And Morgan Stanley weighed in on BB&T's purchase of Colonial BancGroup this morning. Morgan Stanley believes the acquisition should have an immediate effect on earnings and raised EPS estimates through 2010. The firm maintained its rating of Neutral and set a price target of $32 per share.
Shares of BB&T (NYSE:BBT) were up modestly in morning trading, gaining a little less than one percent.
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