Jefferies Boosts Price Target on Mid-America Apartments (MAA)

Jefferies analysts raised their price target on Mid-America Apartments (NYSE: MAA) $3.00 from $74.00 to $77.00 while maintaining a BUY rating on the company. They also revised their reported 2012/2013 estimated FFO per share to $4.43/$4.84, from $4.48/$4.90.

MAA shares are trading at 15.2x 2012 estimated FFO per share, a 31% discount to the Apt. REIT sector average, stated an analyst at Jefferies.

“While 2012 SS revenue growth of 4.5-5.5% is about 100-150bps below the forecasts from Apartment REITs with a more coastal focus (EQR @ 5.0-6.0%, AVB @ 5.0-6.5%, ESS @ 5.0-7.0%), we believe the valuation discrepancy is too large. We do not believe that MAA's stock fully reflects MAA's double-digit growth profile in 2012.”

For an analyst ratings summary and ratings history on Mid-America Apartment Communities click here. For more ratings news on Mid-America Apartment Communities click here.

Shares of Mid-America Apartment Communities closed at $69.07 yesterday.

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