Truist analyst Michael Lewis downgraded Apartment Income REIT (AIRC) to Hold from Buy with a price target of $39, up from $37, after the company announced it is being acquired by Blackstone Real Estate Partners (BX) for $39.12 per share in cash. The firm did not see anything in the merger agreement that was surprising and thinks a superior proposal is unlikely, the analyst tells investors in a research note.
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Read More on AIRC:
- Apartment Income REIT price target lowered to $37 from $40 at Truist
- M&A News: Blackstone Snaps Up AIR Communities for $10B; Inches Closer to Buyout of L’Occitane
- Apartment Income REIT’s Landmark Merger and Shareholder Windfall
- Apartment Income REIT downgraded to Neutral from Buy at Janney Montgomery Scott
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