Colliers analyst Barry Oxford last night downgraded AvalonBay (AVB) to Neutral from Buy with a price target of $195, down from $200. The firm vies AvalonBay as fairly valued at current share levels, saying it has the second highest multiple in the group. In addition, the company’s Increased Sunbelt exposure is likely to weigh on its earnings in the near term as deliveries are still prevalent in the region, the analyst tells investors in a research note.
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