Truist upgraded AvalonBay (AVB) to Buy from Hold with a price target of $218, down from $224. The shares are undervalued, currently trading at an “historically low” funds from operations multiple and 5.9% implied cap rate, the analyst tells investors in a research note. AvalonBay should see “healthy” earnings growth with little new supply in its markets that should help offset potentially soft national job growth, the analyst tells investors in a research note.
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