UPDATE: Wunderlich Securities Reiterates On Independence Realty Trust As Acquisitions Drive NAV Growth
In a report published Monday, Wunderlich Securities analyst Craig Kucera reiterated a Buy rating on Independence Realty Trust (NYSE: IRT), and raised the price target from $9.75 to $10.75.
In the report, Wunderlich Securities noted, “We are raising our price target on Independence Realty Trust (IRT) as management continues to execute on a business model that is successfully navigating a challenging multifamily environment for small cap REITs from a cost of capital perspective. IRT is an externally managed apartment REIT with a focus on secondary apartment markets where IRT management's strategy is to acquire class-B multifamily assets below replacement cost. Initial cap rates continue to be in the 6.5%-7% range and can generally be financed at about 4%. IRT has a clear runway to growth, in our opinion, given management's capacity to leverage relationships within its RAIT Financial Trust (RAS-NR) network to source accretive acquisitions to the REIT and build NAV.”
Independence Realty Trust closed on Friday at $9.70.
Latest Ratings for IRT
|Jul 2014||JMP Securities||Maintains||Market Outperform|
|Apr 2014||Wunderlich||Initiates Coverage on||Buy|
|Mar 2014||Deutsche Bank||Initiates Coverage on||Buy|
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