Barclays starts AvalonBay at Equal Weight, says good news seems priced in

Barclays initiated coverage of AvalonBay (AVB) with an Equal Weight rating and $243 price target The stock has been a sector-leading name within Apartments over the past two years amid very strong two-year compounded FFO per share growth and significant relative multiple expansion, the analyst tells investors in a research note. The firm added that while the historical notion is that AvalonBay is somehow a “lesser” operator, such a view is “no longer accurate,” though at the same time it thinks much of the good news seems to be priced in at current levels.