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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