Jefferies Maintains Buy on Associated Estates Realty (AEC)

Jefferies is out with its report today on Associated Estates Realty AEC, maintaining Buy. In a note to clients, Jefferies writes, "Post the Jefferies & Co hosted AEC non-deal roadshow on 04/06, we continue to believe that AEC represents the best value play in the Apartment REIT universe given the stock's deep valuation discount to the sector average on both a P/FFO and NAV basis. We expect above sector average earnings growth over the next 2-3 years, driven by acquisitions and rental rate growth." Jefferies maintains a $19 PT on AEC. Shares of AEC closed Wednesday at $16.26, up 0.37% from Tuesday's close.