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UPDATE: Deutsche Bank Reiterates On Independence Realty Trust On Continued Positive Trends

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In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Independence Realty Trust (NYSE: IRT), and raised the price target from $10.00 to $11.00.

In the report, Deutsche Bank noted, “Winter impacts opex, but not acquisition activity. Since IPO'ing in August of 2013, IRT has done a commendable job sourcing acquisitions and quickly deploying raised capital. 1Q's performance continued this positive trend, with proceeds from its Jan-14 equity raise effectively already deployed. The opportunity set also remains strong with $250MM of deals covering ~3,000 units in the pipeline.

"Financial performance has also been positive, with 1Q FFO beating our estimates as controlled corporate expenses and faster-than-expected capital deployment offset elevated snow/utilities costs and prior year tax true-ups.”

Independence Realty Trust closed on Friday at $8.92.

Latest Ratings for IRT

DateFirmActionFromTo
Jan 2017BairdInitiates Coverage OnOutperform
Apr 2016FBR CapitalInitiates Coverage onMarket Perform
Sep 2015JMP SecuritiesMaintainsMarket Outperform

View More Analyst Ratings for IRT
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Greg PooleAnalyst Color Price Target Analyst Ratings

 

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