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Key Banc upgrades AIMCO
AIV to Buy from Hold and establishes a $26 target price on the company's solid earnings growth and multiple expansion potential.
Key Banc says, "We believe the stock represents a compelling value given 10% FFO growth prospects in 2012: following over 2,500 bps of underperformance vs. the apartment REITs in 2011, the stock now trades at a 27% multiple discount (based on 2012 AFFO) and a 160 bps higher implied cap rate than its peers. Expectations for Aimco are low following disappointing execution by management in 2011, particularly on the Company's 3Q11 earnings call. Nevertheless, we believe AIV is now poised for better performance given improving portfolio quality, with 24% of its NOI in accelerating West Coast markets and relatively less exposure to slowing Washington, D.C. (15% of NOI)."
AIV closed at $22.93 per share on Wednesday.
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