AvalonBay price target lowered to $205 from $218 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on AvalonBay (AVB) to $205 from $218 and keeps a Buy rating on the shares. Apartment fundamentals appear to be softening a little more into year-end than previously expected, and the firm is forecasting more conservative 2026 same-store revenue growth across its apartment REIT coverage universe, the analyst tells investors in a research note. Truist adds however that it is still projecting positive same-store revenue and net operating income growth for AvalonBay this year and next.