Compass Point Defends Associated Estates Realty (AEC); Portfolio Improvement Outweights Recent NAV Dilution

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Compass Point reiterates a 'Buy' on Associated Estates Realty (NYSE: AEC) price target of $18.00.

Analyst, Wilkes Graham, said, "Overall the quarter was consistent with our expectations and we are increasing our 2012 estimate to $1.24 and keeping our 2013 estimate unchanged at $1.36. Our 2012 estimate is the midpoint of AEC's revised guidance and is consistent with our belief that the company will successfully manage its new acqusitions and general change in strategic direction. We note again that the company is currently acquiring and disposing of assets at a negative spread, but we believe this is a fair price to pay in order to upgrade the apartment portfolio and ultimately achieve investment grade status."

For an analyst ratings summary and ratings history on Associated Estates Realty click here. For more ratings news on Associated Estates Realty click here.

Shares of Associated Estates Realty closed at $14.93 yesterday, with a 52 week range of $14.24-$18.54.

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