JPMorgan upgraded AvalonBay (AVB) to Overweight from Neutral with a price target of $262, up from $247. Looking into 2025, the firm likes AvalonBay’s setup, saying it has the highest earn-in out of its peers, the potential for high other income growth, and contribution from development that should add to both earnings and net asset value. The company’s development pipeline should become increasingly valuable when compared to peers “given the edge in growth this should provide,” the analyst tells investors in a research note.
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