B. Riley Securities Analyst Raises Brt Apartments' Price Target by 5.1% on Strong Buy Rating

B. Riley Securities's Craig Kucera raised their price target on Brt Apartments (NYSE: BRT) by 5.1% from $19.5 to $20.5 on May 17, 2024. The analyst maintained their Strong Buy rating on the stock.

Kucera's updated price target comes after Brt Apartments reported its Q1 2024 earnings on May 9, 2024. The analyst described the earnings as "a mixed bag," highlighting that the company's growth appears subdued compared to previous years.

"The headwinds are already more than reflected in the stock's valuation," Kucera informed investors, suggesting that the challenges facing Brt Apartments are already priced into the company's stock.

For Q1 2024, Brt Apartments reported an Adjusted Funds From Operations (AFFO) of $0.35, a decrease of 2.8% compared to Q1 2023's $0.36. The company's revenue for the quarter stood at $23.4 million, representing a 2% increase from Q1 2023's $22.94 million. Additionally, Brt Apartments repurchased 123,061 shares at an average price of $18.43 during the quarter. However, management did not provide any financial guidance or commentary.

Despite the mixed earnings report, analysts remain optimistic about Brt Apartments. Currently, 100% of top-rated analysts rate the stock as a Strong Buy or Buy, with no analysts recommending a Hold rating or suggesting selling the stock.

Since the release of Brt Apartments' latest quarterly report, the stock price has declined by 3.4%. However, on a year-over-year basis, the stock has gained 1.7%. It is worth noting that Brt Apartments has underperformed the broader market, with the S&P 500 index showing a significant increase of 27.5% during the same period.

Craig Kucera, the B. Riley Securities analyst, is ranked in the top 14% out of 4,587 Wall Street analysts by WallStreetZen. Kucera specializes in the Consumer Cyclical and Real Estate sectors, and boasts an average return of 14.4% with a win rate of 59.1%.

Brt Apartments Corp. is a real estate investment trust (REIT) that primarily owns and manages multi-family properties through joint ventures with equity interest partners. The company, founded in 1972 and headquartered in Great Neck, NY, currently owns 40 properties with a total of 11,000 units across the United States.

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