BRT Apartments price target raised to $21 from $20.50 at B. Riley

B. Riley analyst John Massocca raised the firm’s price target on BRT Apartments to $21 from $20.50 and keeps a Buy rating on the shares. BRT Apartments’ near-term SSNOI growth has been muted due to the impact of newly developed competing apartment supply in many key Sunbelt markets, though this headwind is not unique to BRT, the analyst tells investors in a research note. Longer term, the firm sees upside from limited recent developments starts in BRT’s markets and potential for a more normalized leasing environment at BRT’s properties.