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 ARPI at Neutral and set a Price Objective of $21 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.