Scotiabank lowered the firm’s price target on AvalonBay (AVB) to $190 from $193 and keeps a Sector Perform rating on the shares. The firm is updating its price targets for U.S. Multifamily REITs under its coverage, the analyst tells investors. The firm notes most markets are at lower occupancy levels than pre-COVID period of 2015-2019. Investors will have to wait for Spring leasing and signs of better market growth before finding a positive catalyst, the firm adds.
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