Boenning & Scattergood analyst Merrill Ross maintained a Buy rating on Independence Realty (NYSE: IRT) today and set a price target of $11.25. The company’s shares closed yesterday at $9.72.
Ross commented:
“We believe that IRT is investing for the long-term in its property makeovers, which could ultimately result in lower levels of rents doubtful of collection, potentially resulting in an above-average operating margin.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -1.5% and a 46.0% success rate. Ross covers the Financial sector, focusing on stocks such as Preferred Apartment Communities, NexPoint Residential Trust Inc, and Bluerock Residential Growth.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Independence Realty with a $10.88 average price target.
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Independence Realty’s market cap is currently $854.8M and has a P/E ratio of 54. The company has a Price to Book ratio of 1.38.
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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.
