As reported earlier, SunTrust analyst Ki Bin Kim upgraded Aimco to Buy from Hold, but lowered its price target to $46 from $48. Kim writes in his broader "2018 REIT Outlook" research note that the U.S. tax reform benefits a renter over a single home owner, allowing for an "arbitrage opportunity to lower SALT by paying economic share of real estate taxes through the landlord". For Aimco, the analyst says the REIT trades at a 20% discount to NAV within his apartment coverage universe, making it one of the least expensive stocks. The analyst adds that the price target is lowered due to rising interest rate risk on the broader REIT space.