Janney starts Greystone Housing with Buy, says ‘uniquely positioned’

Janney Montgomery Scott initiated coverage of Greystone Housing Impact with a Buy rating and $17 fair value estimate. The role of public private partnerships is critical in solving the affordability challenge in the U.S. housing market, and Greystone is “uniquely positioned” to be a provider of debt capital in meeting that need, the analyst tells investors in a research note. The firm says the partnership’s portfolio of tax advantaged mortgage bond investments and multifamily developments has “stellar” credit performance and will continue to produce stable cash flow supporting the current distribution rate.