UPDATE: Miller Tabak Upgrades Home Properties to Strong Buy, Sets $70.31 PT

In a report published Friday, Miller Tabak + Co. upgraded its rating on Home Properties (NYSE: HME) from Hold to Strong Buy, and set a price target of $70.31.

Miller Tabak noted, “Home Properties Inc.'s (HME - $61.76 – Strong Buy – Price Target $70.31) footprint has a very heavy overlap with the path taken by Hurricane Sandy. We earlier downgraded HME's stock to a "Hold" pending news on any damages suffered by HME's properties. HME was able to make a swift assessment of those damages, which are expected to be minimal. Consequently, we are restoring our previous ‘Strong Buy' rating for HME's stock.”

Home Properties closed on Thursday at $61.76.