In a report published Wednesday, MLV & Co. analyst Ryan Meliker reiterated a Buy rating and $45.00 price target on American Campus Communities (NYSE: ACC).
In the report, MLV & Co noted, “ACC reported solid 2Q results that included a clean $0.02 beat on FFOM vs. consensus and carried the beat forward into 2014 guidance. We believe investors will be pleased with the 0.9% decline in same-store operating expenses, a trend we think could continue into 3Q. Additionally, pre-leasing results continue to come in strong, while operating expenses continue to exceed expectations. While the beat and raise is positive, we had been hoping for a stronger print that included a raise to 2014/15 rent growth expectations and higher FFOM guidance. Regardless, the stock should react favorably on this print, and we believe management has left enough on the table to continue the beat-and-raise story into 3Q14.”
American Campus Communities closed on Tuesday at $40.10.
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