American Realty price target cut at BofA

|By:, SA News Editor

"We're gaining confidence in David Kay's (expected to be CEO by the end of they year) ability to continue to address concerns and build investor confidence, including adding personnel to financial reporting," writes Bank of America, reiterating its Buy rating on American Realty Capital Properties (ARCP -2.3%), but lowering the price target by a quarter to $15.25.

Recent positives: Deleveraged the balance sheet, sold the shopping center portfolio, and internalized management.

Investor concerns? Activist rumblings at American Capital