RBC Capital analyst Brad Heffern lowered the firm’s price target on AvalonBay (AVB) to $197 from $202 and keeps a Sector Perform rating on the shares. The firm had expected a weak earnings season in general for multi- family REITs, but AvalonBay’s leasing spreads declined more quickly than expected, while operating expenses underperformed what peers have reported, the analyst tells investors in a research note.
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