Associated Estates Realty "neutral," target price raised

07/30/08 - Robert W. Baird

NEW YORK, July 30 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Associated Estates Realty Corp (AEC), while raising their estimates for the company. The target price has been raised from $12 to $16.

In a research note published this morning, the analysts mention that the company has reported its 2Q FFO per share ahead of the estimates and the consensus. Associated Estates Realty raised its full-year guidance for the second time and its share price appreciated by 8% on July 29, the analysts add. The EPS estimates for FY08 and FY09 have been raised from $1.08 to $1.19 and from $1.33 to $1.39, respectively.