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Compass Pt Rch & Trading LLC upgrades Preferred Apartment Comm. to 'buy'

CompassPoint Research & Trading LLC analyst Steve Shaw raised his investment opinion of to "buy" from "neutral," and increased his price target to $14from $12.

The analyst wrote in a research report: "APTS reported 1Q16AFFO per share … beating both our estimate of $0.23 and the consensus estimate.The beat to our estimate stems almost entirely from higher than expected mezzanineinterest income, which management acknowledges remains difficult to model due totiming of recognition. The company continues to execute on its growth strategy andthe young portfolio supports a growing dividend. We are upgrading APTS … based onan increase in our 2016 AFFO estimate to $1.15 from $0.98, which results from higherprojected revenues. We believe that improved transparency through more granularreporting practices going forward and the possible entrance into the senior housingmarket will drive multiple expansion and reduce the discount to NAV."