Bank Of America Sees Home Properties, Inc. As Positioned To Outperform Next Year

In a report published Wednesday, Bank of America analyst Jana Galan reiterated a Buy rating and $67.00 price target on Home Properties, Inc. (NYSE: HME).In the report, Bank of America noted, “We recently hosted investor meetings with HME's CEO Edward Pettinella, CFO David Gardner, CAO and Treasurer Robert Luken, and VP of Investor Relations Shelly Doran in New York City. Investor focus was on recent trends in Washington DC, acquisition opportunities and what steps management is taking to close the valuation discount to peers. In our view, improving DC trends, HME's ability to recycle capital at a tight cap rate spread and an inaugural bond deal at a lower rate than 2015 maturities position the stock to outperform next year. We reiterate our Buy rating and $67 PO based on our 12 month forward NAV.”Home Properties, Inc. closed on Tuesday at $59.03.