Raymond James analyst Buck Horne downgraded Apartment Income REIT to Market Perform from Outperform without a price target. The analyst sees investor confusion over last year’s debt refinancing costs that led to the company’s “disappointing” 2024 guidance. The firm’s more cautious outlook stems partly from fundamentals in Apartment Income’s markets decelerating faster than expected, as well as a “misunderstood” hedging structure from its Q3 of 2023 debt refinancing that led to surprisingly higher interest expense calculations.
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