In a report published on Monday, Bank of America analyst Jana Galan initiated coverage on American Residential Properties ARPI at Neutral and set a Price Objective of $21 on favorable trends and what they see as fair valuation.
In the report, Bank of America stated, "In our view, industry trends are favorable for single-family home price appreciation, and niche demand for rentals exists. However, valuation as well as increased competition keep us Neutral."
American Residential Properties closed on Friday at $19.71.
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