Barclays Reduces Estimates on Apartment Investment Management (AIV); Continue to Lag Peers on Portfolio Repositioning

August 28, 2012 2:30 PM EDT
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Price: $44.85 +0.20%

Rating Summary:
    10 Buy, 14 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 13
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Barclays maintains an 'Underweight' on Apartment Investment Management (NYSE: AIV) price target of $28.00.

Analyst, Ross L. Smotrich, updates estimates after the company reported Q2 results. FY12 FFO estimate lowered from $1.73 to $1.68 and FY13 from $1.96 to $1.91.

Smotrich said, "For several years it has been selling properties in non-core markets and reducing its management business and affordable housing units. This activity will result in a cleaner, higher quality portfolio. Further, the company has reduced total leverage by $500 million year-to-date. But leverage still remains high, and other REITs already offer better portfolios without the transactional overhang."

For an analyst ratings summary and ratings history on Apartment Investment Management click here. For more ratings news on Apartment Investment Management click here.

Shares of Apartment Investment Management closed at $26.86 yesterday.

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