Irvine Apartment Ratings Get a Boost
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IRVINE — Two analysts have upgraded their ratings of Irvine Apartment Communities, which posted strong quarterly results last week. David Kostin at Goldman Sachs & Co. raised his rating to “market outperform” from “market perform,” and Jordan Heller at Salomon Brothers moved up his rating to “buy” from “hold.”
The real-estate investment trust, which owns rental apartment communities developed by the Irvine Co., reported that third-quarter profit climbed 56% on an 18.7% gain in revenue. Irvine Apartment stock closed Monday at $23.625, up 62.5 cents, in trading on the New York Stock Exchange.
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