SunTrust analyst Michael Lewis lowered his price target on Preferred Apartment Communities to $16, saying the company's growing debt and preferred stock obligations offset any increase in the REIT's property portfolio value. Lewis also anticipates "limited" earnings growth this year in spite of the above-peer financial leverage. The analyst keeps his Hold rating, stating that while the company's organizational structure and leadership depth are commendable, its reporting practice around basic share count rather than diluted count is questionable and the management's forecasts may be overly optimistic.