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FBR Capital Markets & Co. initiates coverage of Independence Realty Trust at 'market perform'

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FBR Capital Markets & Co. initiates coverage of Independence Realty Trust at 'market perform'

FBR CapitalMarkets & Co. analyst Patrick Kealey Jr. initiated coverage of with a ratingof "market perform," and a price target of $7.50.

The analystwrote in a research report: "IRT has been a strong growth story in the multifamilyspace over the past several years, as acquisitions have driven significant top-lineimprovement and overall value creation. In the near term, we see the platform shiftingfocus toward IRT's balance sheet and leverage reduction, potentially leading toimproved valuation metrics. However, these initiatives will likely take time toplay out and may weigh on the company's ability to generate outsized growth in thenear term. While we believe this path is the right play for the company at thispoint, we view IRT shares as fairly valued at current levels, which drives our MarketPerform rating."