AIRC - Truist initiates Aimco spinoff Apartment Income REIT at Buy

Truist analyst Michael R. Lewis formally takes up coverage of Apartment Income REIT (AIRC), the larger part of the Apartment Investment and Management ([[AIV]] -87.2%) split, with a Buy rating.Lewis calls it "essentially continuing coverage of the bulk of AIV's portfolio," which started trading separately this morning.Sets 12-month price target of $40, implying a 14.7% total return based on this morning's price of $36 per share.Earlier this month, Lewis estimates AIRC 2021 FFO per share of $2.06 and 2022 FFO per share of $2.23.Assumes net dispositions over several quarters as the company de-levers and expects flattish same-store net operating income growth in 2021 with a 6% rebound in 2022.He also calculates AIRC net asset value of $42.04 per share.Compare AIV's total return over the past year with peers APTS and EQR and the broader S&P 500:As of the split, AIRC becomes a pure-play apartment investment vehicle, while Aimco is focusing

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Truist initiates Aimco spinoff Apartment Income REIT at Buy