Apartment Income REIT upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst John Kim upgraded Apartment Income REIT to Outperform from Market Perform with a price target of $42, up from $39. The stock has been a relative underperformer year-to-date the overall sector and currently trades at a discount to peers, the analyst tells investors in a research note. The firm sees Apartment Income as “mispriced” and expects it to unlock the highest revenue setup in 2024, driven by its above average blended rates.