BMO Capital Lifts Amgen (AMGN) Price Target as MariTide Outlook Strengthens

Core Insights - Mid-America Apartment Communities, Inc. (MAA) is recognized as a strong investment option within the Blue Chip Dividend Stocks category, suitable for building a passive income portfolio [1] - Wells Fargo has reduced its price target for MAA from $157 to $150 while maintaining an Overweight rating, citing solid operating conditions in the REIT sector despite broader economic concerns [2] - MAA is actively expanding its portfolio, having acquired a 318-unit apartment community in Kansas City and planning a new development in Scottsdale, Arizona, with a total of 15 development sites approved for over 4,200 units [3] - The company is in a strong financial position, with nearly $1 billion in projects in the pipeline expected to drive future FFO per-share growth and support continued dividend increases, maintaining a 15-year streak of dividend growth [4] Company Developments - MAA has announced the purchase of a newly-built, fully stabilized 318-unit apartment community in Kansas City [3] - Plans for a new development in Scottsdale, Arizona, are set to begin in the fourth quarter, with intentions to break ground on six to eight of the 15 approved development sites over the next six quarters [3] - The company is projected to have nearly $1 billion worth of projects in the pipeline by late 2025, which is expected to enhance its financial performance [4] Financial Outlook - MAA's strong financial footing is expected to facilitate continued growth in its apartment portfolio [4] - The investments in the pipeline are anticipated to fuel growth in FFO per share, setting the stage for ongoing dividend increases [4]