MAA price target lowered to $129 from $148.50 at Wells Fargo

Wells Fargo analyst James Feldman lowered the firm’s price target on MAA to $129 from $148.50 and keeps an Equal Weight rating on the shares. The analyst says multi-family real estate investment trusts “finally showed the cracks from new supply this quarter.” Despite the underperformance in Q3, the firm still views the Sunbelt as most at risk given weak visibility on where rents in heavy supply markets bottom.