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UPDATE: Wunderlich Securities Reiterates On Independence Realty Trust As Acquisitions Drive NAV Growth

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In a report published Monday, Wunderlich Securities analyst Craig Kucera reiterated a Buy rating on Independence Realty Trust (NYSE: IRT), and raised the price target from $9.75 to $10.75.

In the report, Wunderlich Securities noted, “We are raising our price target on Independence Realty Trust (IRT) as management continues to execute on a business model that is successfully navigating a challenging multifamily environment for small cap REITs from a cost of capital perspective. IRT is an externally managed apartment REIT with a focus on secondary apartment markets where IRT management's strategy is to acquire class-B multifamily assets below replacement cost. Initial cap rates continue to be in the 6.5%-7% range and can generally be financed at about 4%. IRT has a clear runway to growth, in our opinion, given management's capacity to leverage relationships within its RAIT Financial Trust (RAS-NR) network to source accretive acquisitions to the REIT and build NAV.”

Independence Realty Trust closed on Friday at $9.70.

Latest Ratings for IRT

DateFirmActionFromTo
Jan 2017BairdInitiates Coverage OnOutperform
Apr 2016FBR CapitalInitiates Coverage onMarket Perform
Sep 2015JMP SecuritiesMaintainsMarket Outperform

View More Analyst Ratings for IRT
View the Latest Analyst Ratings

Posted-In: Craig Kucera Wunderlich SecuritiesAnalyst Color Price Target Analyst Ratings

 

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