UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Independence Realty Trust on Continued Positive Trends

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, and raised the price target from $10.00 to $11.00. In the report, Deutsche Bank noted, “Winter impacts opex, but not acquisition activity. Since IPO'ing in August of 2013, IRT has done a commendable job sourcing acquisitions and quickly deploying raised capital. 1Q's performance continued this positive trend, with proceeds from its Jan-14 equity raise effectively already deployed. The opportunity set also remains strong with $250MM of deals covering ~3,000 units in the pipeline. Financial performance has also been positive, with 1Q FFO beating our estimates as controlled corporate expenses and faster-than-expected capital deployment offset elevated snow/utilities costs and prior year tax true-ups.” Independence Realty Trust closed on Friday at $8.92.