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AvalonBay price target lowered to $211 from $216 at RBC Capital

RBC Capital lowered the firm’s price target on AvalonBay (AVB) to $211 from $216 and keeps a Sector Perform rating on the shares after its Q2 results and guidance. Investors looking for a guidance raise from AvalonBay were disappointed as weaker employment growth and underperformance in D.C./L.A. have moderated the normal seasonal rent curve, the analyst tells investors in a research note. Guidance for development net operating income was also decreased given some delayed deliveries and difficult lease ups, RBC added.

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