Wedbush raises PT for Apartment Income REIT following Blackstone deal, lowers rating
11/04/2024 17:00
** Wedbush raises PT for Apartment Income REIT AIRC.N to
$39 from $35, but lowers its rating to 'neutral' from
'outperform'
** Blackstone BX.N earlier this week said it would take
AIRC private for $10 billion in cash, including debt
** The asset manager will pay $39.12 for each share of the
REIT
** Wedbush said it was increasing its price target to
reflect Blackstone's per share offer
** "We expect neither a topping bid nor a change or
cancellation of the offer as it currently stands," it added
** 10 brokerages covering the stock rate it "hold"
** YTD, AIRC up 10.48%
(Reporting by Abhinav Parmar)
((Abhinav.parmar@thomsonreuters.com))
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