Compass Point Reiterates a 'Buy' on Associated Estates Realty (AEC); Adjusting Numbers After Equity Raise

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

Analyst, Wilkes Graham, said, "AEC priced a 6.3M share equity raise on 6/22/12, netting aggregate proceeds of 87.4M. To reflect the offering and AEC's updated disclosure of recent activities, we are lowering our 2012 and 2013 FFO estimates to $1.23 and $1.36, respectively, and lowering our price target...AEC's recent activity reflects the Company's commitment to achieving an investment grade rating through the sale of non-core assets and acquisitions and developments in more attractive rental markets."

Graham thinks the recent moves will create a negative spread near-term, but believes the prices were fair and remains optimistic in the company's ability to enter and operate in new markets.

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 $14.49 yesterday, with a 52 week range of $14.24-$18.85.

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