Morgan Stanley analyst Adam Kramer upgraded AvalonBay (AVB) to Overweight from Equal Weight with a price target of $225, down from $228. The firm says AvalonBay is the worst performing apartment real estate investment trust stock year-to-date. It cites the stock’s valuation being roughly in-line with peers and greater conviction in its “best in class” earnings growth for the upgrade. AvalonBay should see a significant ramp in development contribution, given the $2.9B of development underway, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AVB:
- AvalonBay price target lowered to $205 from $245 at Argus
- AvalonBay price target lowered to $228 from $241 at Barclays
- Coinbase downgraded, Spotify upgraded: Wall Street’s top analyst calls
- AvalonBay downgraded to Neutral from Overweight at Piper Sandler
- AvalonBay Communities’ Earnings Call: Achievements and Challenges