Wells Fargo Upgrades Apartment Investment Management (AIV) to Market Perform
Get Alerts AIV Hot Sheet
Price: $8.09 +3.32%
Rating Summary:
4 Buy, 17 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
Rating Summary:
4 Buy, 17 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
Join SI Premium – FREE
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.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rubrik IPO: 5 key things to know
- Jefferies Upgrades Medpace (MEDP) to Buy
- Viking Holdings (VIK) Announces 44M Share IPO at $21-$25/sh
Create E-mail Alert Related Categories
UpgradesRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!