AvalonBay price target lowered to $255 from $265 at Piper Sandler

Piper Sandler analyst Alexander Goldfarb lowered the firm’s price target on AvalonBay (AVB) to $255 from $265 and keeps an Overweight rating on the shares. The firm says that so far, its coverage universe is showing few signs of economic worry as leasing remains healthy, though managements are braced for any slowdown. Overall, Piper’s bullish call on West Coast apartments is playing out, while prime office is more resilient than the stocks suggest.