AIRC - Apartment Income REIT gets Neutral rating from Mizuho on balanced risk/reward

Mizuho analyst Haendel St. Juste initiates coverage of Apartment Income REIT ([[AIRC]] -0.7%), which recently spun off of Apartment Investment and Management (AIV), at Neutral, as he sees the stock fairly valued with a balanced risk/reward near term.Positives include its more streamlined platform, an "improved portfolio largely focused on coastal markets but with better balance than meets the eye", and an improved balance sheet, St. Juste writes in a note to clients.About 40% of AIRC's net operating income comes from currently challenged Boston, Los Angeles, and San Francisco markets, ~30% from mid-Atlantic, and ~30% from Denver, Miami and other markets; portfolio has ~65% suburban/~35% urban mix."AIRC is one of the more balanced portfolios in the sector, which should drive lower NOI volatility over time and provide a suitable counter-balance for investors looking to hedge Coastal and Sunbelt exposure," he writes.Concerns include AIRC's "ongoing, multi-pronged relationship with post-spin AIV", its exit