Compass Point Starts Associated Estates Realty (AEC) at Buy; Trading At Significant Discount to Peers

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Compass Point initiates coverage on Associated Estates Realty (NYSE: AEC) with a Buy. PT $20.00.

Analyst, Wilkes Graham, said, "The stock currently trades at a significant discount to the peer group, but we believe the company’s continued progress at lowering exposure to the Midwest, increasing exposure to DC, Dallas, and Florida, and achieving an expected investment grade rating in 2013 will warrant a material narrowing of the current discount. Our $20.00 price target assumes a 10% premium to NAV, compared to the assumed 20% premium for the balance of our coverage universe, and including the dividend, represents 25% upside to the current stock."

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 $16.63 yesterday, with a 52 week range of $14.26-$18.85.

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