Wells Fargo Upgrades Apartment Investment Management (AIV) to Market Perform

November 6, 2012 7:46 AM EST Send to a Friend
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Price: $37.05 +1.04%

Rating Summary:
    8 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Wells Fargo upgraded Apartment Investment Management (NYSE: AIV) from Underperform to Market Perform with a price target of $26.50 (from $23.00) following Q3 results.

The firm comments, "We are now more confident in the pace of the company's portfolio transformation towards higher quality assets in more supply constrained markets, simplification of the business (e.g., disposition of afford housing), as well as its progress on the deleveraging front. We think the share discount to NAV that AIV has long endured will continue to dissipate over time. We are revising our 2013E FFO/share to $2.01 from $1.99 and increasing our valuation range to $26-27 from $22-24 based upon higher warranted multiple."

For an analyst ratings summary and ratings history on Apartment Investment Management click here. For more ratings news on Apartment Investment Management click here.

Shares of Apartment Investment Management closed at $26.16 yesterday.


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