Evercore ISI lowered the firm’s price target on AvalonBay (AVB) to $230 from $233 and keeps an In Line rating on the shares. Despite supply pressures that will continue to weigh on Sunbelt markets through at least the middle of the year, the “immediate focus for investors” is the devastation from the LA wildfires and how the local rental market may fare from the displaced homeowners, the analyst tells investors in a preview for Q4 earnings from the residential REIT group.
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