American Campus Communities (ACC) Shares Rally as KeyBanc Upgrades to Buy

KeyBanc issued a mid-day upgrade on shares of American Campus Communities (NYSE: ACC) Thursday afternoon. The firm boosted its investment rating from Hold to Buy and established a $48 price target.

The firm cited the company's recent $627 million property acquisition. KeyBanc views the deal as positive given accretion to American Campus' FFO, growth and portfolio quality. "Additionally, following recent underperformance in the stock and higher earnings expectations, we believe that ACC's valuation now looks more attractive," the firm said.

American Campus shares spiked over the $46 level just after the upgrade, however have now pushed back below this area. The stock is now up about 3.8 percent to $45.80.

For an analyst ratings summary and ratings history on American Campus Communities click here. For more ratings news on American Campus Communities click here.

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