CSR - Centerspace upgraded to Buy at BTIG as April results imply revenue rebound

BTIG analyst James Sullivan upgrades Centerspace (CSR), formerly Investors Real Estate, to Buy from Neutral after strong results in April imply a rebound in Q2 revenue.CSR's total returns have underperformed BTIG's apartment REIT coverage by 20.5% YTD."In our view, this disparity leaves CSR undervalued," Sullivan writes.The analyst also expects increased full-year guidance. "Given strong preliminary blended lease growth of 6.2% for April, we now believe the FY revenue guide of 0%-3% is conservative," Sullivan said.Over the past year, CSR's total return of 7.5% lags the 39% return of AvalonBay, the 45% return of Mid-America Apartment, and the S&P 500's 39% return as seen in chart below.His Buy rating clashes with the Bearish Quant rating and aligns with the average Wall Street rating of Bullish (2 Very Bullish, 2 Bullish, 4 Neutral).

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Centerspace upgraded to Buy at BTIG as April results imply revenue rebound