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American Campus Communities, Inc. (NYSE:ACC) is poised to gain market share within the "defensive" REIT space, according to Bank of America Merrill Lynch.
The Analyst
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Analyst Juan Sanabria upgraded American Campus Communities from Neutral to Buy with a price target lifted from $43 to $46.50.
The Thesis
The overall real estate cycle continues to mature, but student housing stands out within the
">REIT group given a "significant" amount of capital inflows, especially from overseas sources, Sanabria said in the upgrade note.
American Campus is uniquely positioned to benefit from favorable industry dynamics, as schools are more likely to do business with the company since it's a "perpetual life vehicle" versus a "private, finite life fund," the analyst said.
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If rival Education Realty Trust, Inc. (NYSE:EDR) accepts a transaction to go private, then American Campus would be better positioned to increase its market share of on-campus transactions with universities, according to BofA.
American Campus' recent joint venture with Allianz could prove to be an attractive and new source of capital that could finance higher-growth development opportunities, the analyst said.
Price Action
Shares of American Campus Communities were trading higher by more than 1 percent at the time of publication Thursday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.