UPDATE: Bank of America Initiates American Residential Properties at Neutral on Favorable Trends/Fair Valuation
In a report published on Monday, Bank of America analyst Jana Galan initiated coverage on American Residential Properties (NYSE: ARPI) at Neutral and set a price objective of $21.00 on favorable trends and what they see as fair valuation.
In the report, Bank of America stated, "In our view, industry trends are favorable for single-family home price appreciation, and niche demand for rentals exists. However, valuation as well as increased competition keep us Neutral."
American Residential Properties closed on Friday at $19.71.
Latest Ratings for ARPI
|Dec 2015||FBR Capital||Downgrades||Outperform||Market Perform|
|Nov 2015||Raymond James||Downgrades||Strong Buy||Market Perform|
|Nov 2014||FBR Capital||Maintains||Outperform|
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