Canaccord Analyst Raises Price Target For Apartment Investment and Management Co (AIV)
Analyst Ryan Meliker of Canaccord Genuity reiterated a Hold rating on Apartment Investment and Management Co (NYSE:AIV) with a raised price target of $47, marking a 3.5% increase from current levels. This rating came after the company’s second quarter earnings report that saw pro forma FFO/share come in ahead of guidance. The analyst believes that, “in the current environment where multifamily fundamentals are decelerating across several key core markets, AIV’s diversification mitigates risk.” This risk mitigation has led to an increase in value as multifamily investors have been attracted to the stock. The analyst feels that while he does “expect the stock to continue to grind higher, [he] also [doesn’t] expect any further relative multiple expansion, which should limit upside in a sector with decelerating fundamentals.”
According to TipRanks, Meliker has a success rate of 68% with an average return of 5.9% per recommendation.