UPDATE: Jefferies Initiates American Residential Properties at Hold on Fair Valuation

In a report published Monday, Jefferies analyst Omotayo Okusanya initiated coverage on American Residential Properties ARPI with a Hold rating and $21.00 price target.

In the report, Jefferies noted, “We believe that ARPI has successfully positioned itself a few steps ahead of its peers in the emerging single family for rent REIT sector through: 1) an experienced management team that entered the space early, 2) a well-run, vertically integrated operating platform, and 3) an internal management structure. That said, we believe the IPO valuation range of $21-$23 was fair, resulting in us initiating coverage with a Hold.”

American Residential Properties closed on Friday at $19.71.