FBR Capital Remains Bullish on Preferred Apartment Communities (APTS) Following 2Q - PT to $17
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FBR Capital reiterated an Outperform rating on Preferred Apartment Communities (NYSE: APTS), and raised the price target to $17.00 (from $16.00), following the company's 2Q 10-Q filing. FBR adjusted FY16 normalized FFO estimate to $1.26 from $1.30 and FY17 estimate to $1.49 from $1.53.
Analyst Patrick Kealey commented, "We are adjusting our estimates and price target to $17 from $16 following the release of APTS' 2Q16 10-Q filing. We remain positive on APTS' long-term prospects, and we believe the company is well positioned to achieve greater scale through acquisitions and mezzanine loan conversions. We think the company's diverse asset base should position it well to capitalize on its core markets, and we see several drivers for improved valuation going forward. As a result, in our opinion, APTS remains a compelling investment opportunity given the combination of strong growth and favorable valuation levels."
Shares of Preferred Apartment Communities closed at $14.93 yesterday.
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