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UPDATE: Bank of America Initiates Silver Bay Realty Trust at Neutral on Execution and Valuation

Mid-Afternoon Market Update: Silver Bay Realty Trust Climbs On Acquisition News; Essendant Shares Slide
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Bank of America initiated coverage on Silver Bay Realty Trust (NYSE: SBY) with a Neutral rating and a $20.00 price objective.

Bank of America commented, "SBY has a portfolio of 3,100+ homes and $258.1M of net IPO proceeds (including greenshoe) that will be used to acquire, renovate, and lease single-family rental homes. SBY is externally managed and intends to elect and qualify to be a REIT. In our view, industry trends are favorable for single-family home price appreciation, and niche demand for rentals exists. However, valuation and execution risk keep us at Neutral."

Silver Bay Realty Trust closed at $20.13 on Monday.

Latest Ratings for SBY

Feb 2017JMP SecuritiesDowngradesMarket OutperformMarket Perform
Feb 2017Credit SuisseInitiates Coverage OnNeutral
Sep 2016JP MorganDowngradesOverweightNeutral

View More Analyst Ratings for SBY
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Posted-In: Bank of AmericaAnalyst Color Initiation Intraday Update Analyst Ratings


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