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Robert W. Baird & Co. lowers Apartment Investment to 'neutral'

RobertW. Baird & Co. Inc. analyst Drew Babin cut his investment opinion of to "neutral" from "outperform," with a price target of $40.

The analyst wrote in a research report: "We are downgradingAIMCO … as we believe additional multiple expansion to be unlikely absent a sustainedreacceleration of cash flow growth or a meaningful deleveraging catalyst that movesthe REIT's basic leverage ratios to levels more in line with peers. We give kudosto management for dramatic improvements to the REIT's portfolio and balance sheetin recent years but struggle to justify significant upside beyond current pricing."