Bluerock Residential started at Buy at Wunderlich

• Newly IPOd apartment property owner Bluerock Residential Growth (BRG +0.8%) is started with a Buy rating and $16.50 price target at Wunderlich.
• The team comes up with a $17.75 net asset value for the company by applying a 6% cap rate on the portfolio. Putting  a current average 7% discount to NAV for multifamily operators leads to the PT. A discounted cash flow analysis pegs fair value for BRG at $18.