KBW Has Market Perform On Apartment Investment & Mgmt. Co. (AIV)

Keefe Bruyette & Woods has a Market Perform rating and a $27 price target on shares of Apartment Investment & Mgmt. Co. AIV. In a note to clients, KBW writes, "Reported 4Q FFO was $0.31/sh; operating FFO (ex $0.08/sh one-timers) topped our est on expenses (-3.7%). Initial ‘11 operating outlook (rev +2.5%, NOI +3%) disappointed, raising questions on AIV's ability to keep pace with peers in accelerating fundamental environment; guidance is, however, predicated on conservative 3rd party market forecasts. '11 FFO guidance is $1.51 mdpt; KBW $1.57 (was $1.70). Revising ests, NAV, PT." Shares of AIV gained 33 cents yesterday to close at $24.32, a gain of 1.4%.