Piper Sandler last night downgraded AvalonBay (AVB) to Neutral from Overweight with a price target of $200, down from $255. The Q2 earnings reports in real estate thus far has shown weaker fundamentals for apartments, the analyst tells investors in a research note. The firm says Friday’s job report provided insight into why new apartment rents have been slower this peak leasing season. It cites the outlook for apartments and its reduced estimates for the downgrade.
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