BRT Apartments price target raised to $22 from $21 at B. Riley

B. Riley analyst John Massocca raised the firm’s price target on BRT Apartments (BRT) to $22 from $21 and keeps a Buy rating on the shares. The company’s portfolio performance in 2024 and recent months has largely reflected the broader macro narrative for Sunbelt-focused multifamily owners, the analyst tells investors in a research note. The firm says pressures caused by competition from new apartment community development deliveries in certain Sunbelt markets have weighed on BRT’s occupancy and rent growth and offset demographic tailwinds. However, Riley says these pressures should subside in the intermediate term, given multifamily development starts declined sharply beginning in 2023.