Independence Realty (IRT) Gets a Buy Rating from B.Riley FBR


In a report released today, Craig Kucera from B.Riley FBR maintained a Buy rating on Independence Realty (NYSE: IRT), with a price target of $11. The company’s shares opened today at $10.03.

Kucera noted:

“We are reducing our 2019 earnings estimates for Trust (IRT) post 2Q18 results which were in line but given an adjustment in our expectations for the impact of value-add spending over the next six quarters. We continue to anticipated ~$9M of cumulative NOI accretion from IRT’s value-add two phases of its value-add program to be completed in 2019, but are delaying the core FFO impact, with our 2019 core FFO declining from $0.86 to $0.82, while our 2018 estimates are unchanged.”

According to TipRanks.com, Kucera is a 4-star analyst with an average return of 6.0% and a 68.1% success rate. Kucera covers the Financial sector, focusing on stocks such as NexPoint Residential Trust Inc, National Retail Properties, and Gladstone Commercial Corp.

Currently, the analyst consensus on Independence Realty is a Moderate Buy with an average price target of $11.50, a 14.7% upside from current levels. In a report released today, Compass Point also reiterated a Buy rating on the stock with a $12 price target.

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The company has a one-year high of $10.63 and a one-year low of $8.26. Currently, Independence Realty has an average volume of 574.4K.

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Independence Realty Trust, Inc. is a real estate investment trust. It owns and operates multifamily apartment communities across non-gateway U.S. markets, including Louisville, Memphis, Atlanta and Raleigh. The company is focused on gaining scale within key amenity rich submarkets that offer school districts, retail and employment centers.

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