Home Properties (HME) PT Bumped Higher at Compass Point Despite Q1 Miss

Compass Point analyst Ryan Gilbert reiterated a Buy rating and bumped his price target on Home Properties (NYSE: HME) to $65.50 (from $64.50) despite a weather driven OpEx miss.

Gilbert comments, "HME missed our estimate and consensus and lowered guidance due to higher than expected weather related operating expenses. Rent growth is trending higher with new rents growing faster than renewals in April and the beginning of May which combined with normal expense levels should translate into a solid 2Q14. With the stock trading at a 6% discount to our NAV and a 4.7% dividend yield, HME is one of the better value plays in our large cap apartment REIT coverage."

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

Shares of Home Properties closed at $61.58 yesterday.

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