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.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AVB: