BMO Capital Resumes Independence Realty Trust (IRT) at Outperform

BMO Capital analyst John Kim resumes coverage on Independence Realty Trust (NYSE: IRT) with an Outperform rating and a price target of $28.00.

The analyst commented, "We are resuming coverage of IRT post the close of its acquisition of Steadfast Apartment (STAR), maintaining our Outperform rating with a revised $28 price target. Integration risks are a risk factor with an acquisition this size - more than doubling apartment units - but we believe strong market fundamentals and renovations will overshadow near-term hiccups. We estimate IRT will have high effective rent growth in 2022 (+14.8% vs. 13.0% for the sector), driving SS revenue of +16.5%. IRT is relatively cheap with higher leverage, but significant margin expansion opportunities."

For an analyst ratings summary and ratings history on Independence Realty Trust click here. For more ratings news on Independence Realty Trust click here.

Shares of Independence Realty Trust closed at $24.15 yesterday.

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