- JMP Securities analyst Aaron Hecht upgraded Independence Realty Trust Inc IRT to Market Outperform from Market Perform at a price target of $20.
- The analyst is bullish on the company's growth prospects following Q1 2023 earnings release last month.
- IRT's Q1 revenues of $161.1 million were almost in line with the consensus, and core FFO per share increased to $0.27 from $0.25 in the prior year quarter.
- IRT reaffirmed 2023 outlook expecting core FFO per share of $1.12 to $1.16 and growth in same-store revenue growth of 5.7% to 7.0% and NOI of 5% to 8%.
- The analyst expects the company to benefit from its value-add portfolio and demand drivers for residential real estate across the Sunbelt portfolio.
- Hecht raised 2023 and 2024 Core FFO estimates to $1.15 (from $1.14) and $1.22 (from $1.21), respectively.
- Price Action: IRT shares are trading higher by 0.12% at $16.96 on the last check Monday.
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IRTIndependence Realty Trust Inc
$19.430.05%
Edge Rankings
Momentum
81.23
Growth
76.27
Quality
75.18
Value
41.72
Price Trend
Short
Medium
Long
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