Independence Realty started at Buy at Deutsche

Independence (IRT) targets secondary markets with limited competition from institutional investors allowing it to earn attractive spreads over its financing costs and supporting an above-average dividend in the 8%+ range, says analyst Vin Chai, starting the stock with a Buy at $10 price target. "We expect multiple expansion as IRT grows its portfolio, thereby reducing concentration risk and gaining scale efficiencies on both the operating and financing fronts."

RAIT Financial Trust (RAS) owns about a 60% stake in IRT.

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