Oppenheimer Starts Bluerock Residential Growth REIT (BRG) at Outperform
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Rating Summary:
5 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
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Oppenheimer initiates coverage on Bluerock Residential Growth REIT (NYSE: BRG) with a Outperform rating and a price target of $16.00.
Analyst commented, "We initiate coverage of BRG with an Outperform and a 12-18-month $16 PT, implying a 25% total return (with the annual 8.5% dividend yield). The REIT owns apartment buildings in growth markets primarily in the Southeast. The strategy is expansion, specifically by providing solutions to real estate developers and investors that have operational or capital issues. This allows BRG to buy high quality properties at below-market prices, usually by taking more risk (lease-up or property repositioning). Management has experience following this strategy in the private market, and we believe this success should carry over to the public market. The REIT is externally managed but expects to internalize when it becomes cost effective."
For an analyst ratings summary and ratings history on Bluerock Residential Growth REIT click here. For more ratings news on Bluerock Residential Growth REIT click here.
Shares of Bluerock Residential Growth REIT closed at $13.71 yesterday.
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