MAA price target lowered to $158 from $171 at Truist

Truist lowered the firm’s price target on MAA (MAA) to $158 from $171 and keeps a Buy rating on the shares. The firm raised its 2025 and 2026 normalized FFO estimates on a more conservative same-store growth forecast amid slumping national employment growth. Truist added that the pace of apartment supply is set to significantly decline, and still expects MAA to post improving same-store NOI and FFOps growth over the coming few years. The firm thinks the combination of the accelerating growth and a discounted stock valuation should be a good setup for the stock, which trades at a 6.2% implied cap rate that prices it much cheaper than private market values.