Apartment-based REIT Mid America Apartment Communities Inc. (
) on Tuesday caught some further bullish commentary from analysts
at Jefferies & Co.
The firm maintained its "Buy" rating on MAA and lifted its price
target from $74 to $77, suggesting an 11% upside to the stock's
Wednesday closing price of $69.07.
A Jefferies analyst commented, "We are revising our reported
2012/2013E FFO/sh to $4.43/$4.84, from $4.48/$4.90, to reflect: (i)
1Q12 results; (ii) revised acquisition, disposition, and financing
assumptions; and (iii) updated rental rate growth and occupancy
forecasts. Our 2012E reported FFO/sh of $4.43 compares to guidance
range of $4.28-$4.48 and consensus estimate of $4.40. Our
2012/2013E core FFO/sh (i.e., reported FFO/sh less acquisition
costs) are now $4.49/$4.87, from $4.56/$4.93. As a result of our
revisions and updates to our DDM, we are raising our PT on MAA
shares to $77, from $74."
Mid America Apartment Communities shares were mostly flat in
premarket trading Tuesday.
The Bottom Line
Shares of Mid American Apartment Communities (
) have a 3.84% dividend yield, based on last night's closing stock
price of $69.07. The stock has technical support in the $64 price
area. If the stock can firm up, we see overhead resistance around
the all-time high price levels of $72-$73 a share.
Mid America Apartment Communities Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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