Truist lowered the firm’s price target on AvalonBay to $202 from $214 but keeps a Buy rating on the shares. The company is relatively well-positioned with limited new supply coming online in its markets over the next several quarters, a healthy loss-to-lease, development deliveries set to drive earnings growth, and a strong low-levered balance sheet, the analyst tells investors in a research note. The firm is reducing its FY23 FFO view on AvalonBay to $10.37 from $10.51 per share however to reflect write-offs for three development opportunities that the REIT determined are no longer profitable.
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Read More on AVB:
- AvalonBay price target lowered to $189 from $192 at Wells Fargo
- AvalonBay upgraded to Overweight from Neutral at Piper Sandler
- AvalonBay raises FY23 core FFO view to $10.58-$10.68 from $10.46-$10.66
- AvalonBay sees Q4 core FFO $2.69-$2.79
- AvalonBay reports Q3 core FFO $2.66, consensus $2.64
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