Scotiabank analyst Nicholas Yulico lowered the firm’s price target on AvalonBay (AVB) to $187 from $190 and keeps a Sector Perform rating on the shares. The firm is updating its price target for U.S. Multifamily REITs under its coverage, the analyst tells investors. Scotiabank is forecasting a more challenging Sunbelt recovery, estimating it will take several years to absorb the overbuilding that occurred in most Sunbelt markets.
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