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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

DateFirmActionFromTo
Jul 2014JMP SecuritiesMaintainsMarket Outperform
Apr 2014WunderlichInitiates Coverage onBuy
Mar 2014Deutsche BankInitiates Coverage onBuy

View More Analyst Ratings for IRT
View the Latest Analyst Ratings

Posted-In: Craig Kucera Wunderlich SecuritiesAnalyst Color Price Target Analyst Ratings

 

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