AvalonBay price target raised to $245 from $235 at Argus

Argus raised the firm’s price target on AvalonBay (AVB) to $245 from $235 and keeps a Buy rating on the shares. The firm is positive on the REIT’s broad geographic exposure, growing asset development plans and financial strength, also noting that it has strong opportunities in the upper-tier apartment market, which has high barriers to entry, the analyst tells investors in a research note. AvalonBay had slowed its asset pipeline due to high borrowing costs and a weak economy, but 2024 has seen a sequential uptick in development and acquisitions, the firm added.