AvalonBay price target lowered to $241 from $244 at Scotiabank

Scotiabank analyst Nicholas Yulico lowered the firm’s price target on AvalonBay (AVB) to $241 from $244 and keeps a Sector Perform rating on the shares. Rental demand remains robust, which should persist into 2025 due to affordability issues for homeownership and a prospect for stable-to-improving employment growth, the analyst tells investors. Elevated supply pressures across various Top 25 markets, however, should temper rent growth for at least another year, the firm adds.