Citi Ups PT On AEC To $20

Citi has increased its price target from $17.50 to $20 on Associated Estates Realty Corp. AEC in light of positive earnings in the quarter. According to Citi, “The strong market reaction to AEC's modestly positive earnings report gives us continued confidence in our strategy of overweighting the value names, as operational trends remain strong (see below) and the discount to private market transaction cap rates remain wide.” Citi is maintaining its Hold rating on the stock. AEC closed at $18.08 yesterday.