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FBR Capital Starts American Homes 4 Rent (AMH) at Outperform, $19 PT

August 26, 2013 6:35 AM EDT Send to a Friend
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Price: $18.43 -0.43%

Rating Summary:
    5 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 38 | New: 6
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FBR Capital initiates coverage on American Homes 4 Rent (NYSE: AMH) with a Outperform. PT $19.00.

Analyst Steve Stelmach believes American Homes 4 Rent offers the most effective single-family rental (SFR) opportunity, combining both "scale (driving down fixed G&A expenses to a minimal drag on net rental yields) and structure (internally managed vehicles where benefits of greater scale accrue to the REIT and where management and shareholder interests are aligned)."

"At worst, AMH is a portfolio of assets with a cost basis below replacement costs and below expected NAV and with the potential for near-term distributions, as management and shareholder interests are aligned. As a reasonable downside scenario, that is not too bad. At best, AMH is one of the few REITs with the scale and structure necessary to execute an industry consolidation that lacks a modern day equivalent in terms of size."

For an analyst ratings summary and ratings history on American Homes 4 Rent click here. For more ratings news on American Homes 4 Rent click here.

Shares of American Homes 4 Rent closed at $16.02 yesterday.




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